A cartel
a. consists of two firms that collude to eliminate product differentiation so that they can sell their goods as identical goods
b. is a group of firms that collude to limit competition within their market
c. refers to the breakup of a firm into two or more firms where each produces a good that does not compete against the others
d. is a government-supported merger of two or more firms to improve the nation's advantage in international trade
e. is an illegal merger of two firms that produce unrelated goods
B
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If there was no profit effect, but there was a misperception effect in the short run, then SRAS is ____ and LRAS is ____
a. upward sloping; upward sloping b. upward sloping: vertical c. vertical; upward sloping d. vertical; vertical
What are the arguments for and against federal government grants to states?
What will be an ideal response?
The price elasticity of demand for an agricultural product is 0.4. This value means that, when the quantity decreases 1 percent, the price
A) falls 4 percent. B) rises 4 percent. C) falls 2.5 percent. D) rises 2.5 percent. E) rises 0.25 percent.
Which of the following are not subsets of the ability-to-pay principle?
a. horizontal equity b. vertical equity c. diagonal equity d. beneficial equity