The kinked demand curve is always associated with ___________ competition.
Fill in the blank(s) with the appropriate word(s).
cutthroat
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What is marginal benefit? How is it measured?
What will be an ideal response?
The intersection between demand of US dollar and the supply of US dollar is known as
a. Inflation rate b. Exchange rate c. Price d. Quantity
The terms of trade between any two countries for two goods cannot be between their respective opportunity costs if there are to be any gains in trade.
Answer the following statement true (T) or false (F)
Which of these statements about cartel pricing power is true?
A. The larger the share of world production controlled by the cartel, the higher the price set by the members will be. B. The more inelastic the market demand for the cartel's product, the lower will be the price that the cartel members can charge to maximize profits. C. The larger an unexpected increase in unsold inventories is, the higher the price set by the cartel members will be. D. The greater the elasticity of supply of the non-cartel members, the higher the price set by the cartel members will be.