The primary objective of a cartel is to:
A) maximize the amount of profit received by each member of the organization.
B) maximize the joint profits of the members of the organization.
C) ensure each member of the organization some minimum amount of profit.
D) maximize the average profits of the members of the organization.
Answer: B) maximize the joint profits of the members of the organization.
You might also like to view...
Suppose you observe that the sun sets every evening after the six o'clock business report. If you conclude that the six o'clock business report makes the sun set, you are guilty of the fallacy of:
A) division. B) composition. C) false cause. D) science.
When a 2 percent increase in price generates a greater than 2 percent decrease in quantity demanded, then:
A. demand is inelastic. B. total revenue increases as a result of the price increase C. total revenue decreases as a result of the price increase. D. demand is unit elastic.
The price of milk would be of particular interest to
A. a microeconomist. B. a macroeconomist. C. neither a microeconomist nor a macroeconomist. D. both a microeconomist and a macroeconomist.
The consumption of a common resource by one person does not affect the availability of that resource to others.
Answer the following statement true (T) or false (F)