A cartel is an agreement among firms to divide output of a product among members
a. True
b. False
Indicate whether the statement is true or false
True
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When the dollar appreciates, the cost to Americans of foreign goods
A. rises and the CPI falls. B. rises and the CPI rises. C. falls and the CPI rises. D. falls and the CPI falls.
Refer to Scenario 1 . If you start the course in such a way that each exam score is better than your previous average what should happen to your average score?
What would happen to your average if it was below your previous exam score? Explain.
If income increases, then with regard to expensive cuts of steak, it is likely that the demand curve:
a. shifts to the right. b. shifts to the left. c. becomes steeper. d. does not change. e. becomes flatter.
Which of the following is true for a monopolist but not for a perfectly competitive firm?
a. Marginal revenue is less than price b. Economic profits could be earned in the long run. c. Profit maximization occurs at the output level where marginal revenue equals marginal cost. d. (a) and (b) are true for a monopolist but not for a perfectly competitive firm.