A cartel is
a. a group of firms promoting competition.
b. most common in monopolistic competition.
c. a collusive group of firms.
d. no longer possible in our global economy.
c
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If the cross-price demand curve for capital (relative to the wage) is vertical, the short run response by a firm to an increase in the wage is the same as its long run response.
Answer the following statement true (T) or false (F)
For which of the following environmental issues is property rights most relevant?
a. Greenhouse gas emissions b. Acid rain c. Endangered species d. Fresh water resources
Transfer payments:
What will be an ideal response?
The law of diminishing marginal product holds that as a variable input increases while other inputs are fixed, ______.
a. eventually the fixed inputs will increase at a rate equal to or below the variable increases b. labor demanded will be high at both very low and very high outputs creating a U- shaped curve c. the marginal revenue product will eventually cause the labor demand curve to turn upward d. at some point the increase will lose its effectiveness, and additions to output will decline