Which of the following will facilitate the enforcement of a cartel?
A) most-favored-customer clauses
B) reports of bids on government contracts
C) meet the competition or price match
D) All of the above
D
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In the above figure, the market is at its equilibrium. Area A is equal to
A) consumer surplus. B) total revenue. C) marginal benefit. D) producer surplus. E) total surplus.
If profit-seeking major oil companies began to use current profits from the oil business to buy department stores and hotel chains, economic analysis suggests that
a. oil company profits were high relative to other possible investment opportunities. b. oil company executives thought profits from investment outside the oil industry would be lower than oil-industry investments. c. oil company executives must believe these other investments will be more profitable than investments in the oil industry. d. the government would be justified in subsidizing oil companies on grounds of economic efficiency.
Part of the entrepreneurial process in a competitive market economy involves
a. obtaining governmental control over the market so that a new product has some chance of being successful. b. knowing from the start the proper output and price to set for each new product. c. choosing the best structure, size, and scope of production for the firm to produce a new product. d. knowing in advance with certainty what products consumers will want to buy.
The price elasticity of demand is defined as the:
A. Percentage change in quantity demanded times the percentage change in price. B. Unit change in price divided by the unit change in quantity demanded. C. Percentage change in quantity demanded divided by the percentage change in price. D. Unit change in quantity demanded times the unit change in price.