A number of firms who collude to make collective production decisions about quantities or prices is called:
A. a cartel.
B. a duopoly.
C. market power.
D. a joint monopoly.
A. a cartel.
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Assume that the Cambridge k = 0.25. If the transactions demand for money is equal to $20,000, then income is equal to
A) $20,000. B) $80,000. C) $10,000. D) $5,000.
A company draws its total cost curve and total revenue curve on the same graph. If the firm wishes to maximize profits, it will select the output at which the
A. vertical distance between the two curves is greatest. B. total cost curve cuts the total revenue curve. C. horizontal distance between the two curves is greatest. D. slope of the total revenue curve is greatest.
The adverse selection problem is least likely in which of the following occupations?
a. lawyer b. barber c. college professor d. marketing analyst e. manager