A cartel is
A. a group of consumers that bid against each other for the same product.
B. an arbitrator to settle disputes between consumers and producers.
C. a government agency that regulates markets.
D. a group of producers that agree to set common prices and output quotas.
Answer: D
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List factors that increase the price elasticity of supply
What will be an ideal response?
According to the ________, as long as property rights are clearly defined, two agents can always bargain to reach the efficient outcome
A) Coase theorem B) Ricardian theory on rent C) revenue-equivalence theorem D) envelope theorem
The competitive labor market model suggests that persistence of significant employer discrimination
A. should not be considered at all. B. requires workers to supply labor at a rate below their opportunity cost. C. should be larger than what currently is. D. requires the owners of the firm to supply capital at a rate of return substantially below its opportunity cost.
Two people are involved in a borrower/lender situation, and one person has superior knowledge of its own current and future prospects over the other person. This is known as
A. deceptive knowledge. B. symmetric information. C. preventable information. D. asymmetric information.