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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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
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?