OPEC is able to raise the price of its product by
a. tying.
b. setting production levels for each of its members.
c. increasing the supply of oil above the competitive level.
d. imposing resale price maintenance agreements on members.
b
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Companies are never justified in not installing all possible safety devices in their products when the omission of those safety devices could result in the loss of life to the users of the products
Indicate whether the statement is true or false
The economic system that answers the What, How and For Whom questions using prices determined by the interaction of supply and demand is a:
a. market economy. b. command economy c. soviet economy. d. traditional economy.
Excessive unemployment of resources is illustrated using a production possibilities curve by: a. an inward shift of the curve
b. an outward shift of the curve. c. a movement along the curve in a northwest direction. d. a point inside the curve.
Which of the following businesses is experiencing economies of scale?
a. With each additional tool Gravel Lane Foundry makes, its long-run average total costs goes up. b. Helena’s Expeditions Inc. could serve more customers if only she could hire more experienced guides. c. Average total costs are declining at Claudia’s Candies over the long-run, thanks to better deals with suppliers. d. Circuit Shack is a well-established business with steady, predictable costs.