An association of producers in an industry that agree to set common prices and output quotas to prevent competition is
A) a tariff.
B) a patent.
C) economies of scale.
D) a cartel.
Answer: D
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In scientific language, a theory is an untested assertion of alleged fact.
Answer the following statement true (T) or false (F)
Figure 17.1 depicts a firm's marginal revenue product curve. If the firm maximizes its profit and the hourly wage is $15, how many hours of labor will the firm demand?
A. smaller than 30 hours B. between 30 hours and 40 hours C. between 40 hours and 50 hours D. greater than 50 hours
The practice of charging different prices on the basis of varying customer preferences is known as:
a. arbitrage. b. discounting. c. price discrimination. d. rationing.
If the price elasticity of supply for wheat is less than 1, then the supply of wheat is
a. inelastic. b. elastic. c. unit elastic. d. quite sensitive to changes in income.