A cartel is a group of sellers of a single product who have joined together in order to enjoy the advantages of perfect competition
a. True
b. False
Indicate whether the statement is true or false
False
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How can managers of natural monopolies exaggerate their costs?
What will be an ideal response?
A jeweler cut prices in his store by 20% and the dollar value of his sales fell by 20%. This is indicative of: a. elastic demand
b. inelastic demand. c. perfectly elastic demand. d. perfectly inelastic demand.
Suppose government spending decreases by $100 billion and the marginal propensity to consume (MPC) is 0.8. Given this information, this decrease in government spending will cause a(n)
A) increase in equilibrium real GDP equal to $500 billion. B) increase in equilibrium real GDP equal to $800 billion. C) decrease in equilibrium real GDP equal to $800 billion. D) decrease in equilibrium real GDP equal to $500 billion.
Referring to Figure 19.1, U.S. goods will become more expensive in Mexico if the exchange rate goes from ________ to ________ pesos to the dollar
A) 13; 11 B) 12; 13 C) 12; 11 D) 14; 10