The only item which would be consistent with a decreased likelihood of cartel formation for production of a product is
a. patent protection
b. price inelastic demand
c. many producers
d. income elastic demand
e. limited market entrance
C
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The efficiency case made for free trade is that as trade distortions such as tariffs are dismantled and removed
A) government tariff revenue will decrease, and therefore national economic welfare will decrease. B) government tariff revenue will decrease, and therefore national economic welfare will increase. C) deadweight losses for producers and consumers will decrease, hence increasing national economic welfare. D) deadweight losses for producers and consumers will decrease, hence decreasing national economic welfare. E) government tariff revenue will increase, hence increasing national economic welfare.
Governments of market-oriented economies never tamper with the price mechanism
a. True b. False Indicate whether the statement is true or false
The manager of Greene Enterprises, Inc., recently estimated its average variable cost (AVC) function to beAVC = 88 - 0.026Q + 0.000003Q2Greene Enterprises faces total fixed costs (TFC) of $300,000. When Greene's output is 2,000 units, what is total cost (TC)?
A. $396,000 B. $846,000 C. $144,000 D. $444,000 E. $642,000
An advertising executive comes up with the slogan “Put the pep back in your life” to show how the Pep nutritional bar is more effective than many similar bars. The executive is taking part in ______.
a. a monopoly b. an oligopoly c. perfect competition d. monopolistic competition