The joint profit maximization solution for a cartel is a attempt to achieve the same result as would a monopolist who owned all the firms in the cartel
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Common Property I. Suppose the common property becomes privately owned. The owner behaves competitively and charges people an entrance fee for the right to use the property. In this situation, how are the gains from trade divided between the owner and the users of the property?
a. The owner receives area C + D, and the users receive area A + B. b. The owner receives area C, and the users receive area D. c. The owner receives area E, and the users receive area A + B + C + D. d. The owner receives area C + D, and the users receive zero.
Which is the largest category of income in the United States?
A) self-employment income B) corporate profits C) employee compensation D) net interest income E) none of the above
In the 1870s, excess capacity in the railroad industry led to:
a. rates wars. b. the formation of regional federations to pool traffic or profits. c. price-fixing. d. hidden rate-cutting through rebates. e. All of the above.
If the Fed wanted to decrease the money supply, one way to make an enormous impact would be to:
A. increase the reserve requirement, which would decrease the money multiplier. B. decrease the reserve requirement, which would decrease the money multiplier. C. increase the reserve requirement, which would increase the money multiplier. D. decrease the reserve requirement, which would increase the money multiplier.