Which of the following market structures describes an industry in which a group of firms formally agree to control prices and output of a product?
a. Perfect competition.
b. Monopoly.
c. Oligopoly.
d. Cartel.
e. Monopolistic competition.
d
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Which of the following was a key factor which pushed the nation close to civil war?
(a) The Missouri Compromise of 1820 (b) Dred Scott v. Sanford Supreme Court Case (c) The Tariff of Abominations of 1828 (d) The Supreme Court practice of "judicial instrumentalism," which the South believed undermined the Constitution
If labor productivity increases
A) labor costs rise by equal increments. B) the demand for labor increases. C) some workers will be laid off. D) jobs will relocate.
The two key laws affecting labor unions are the ____________ and the _______________.
Fill in the blank(s) with the appropriate word(s).
Exhibit 4-2 Supply and demand curves
The market shown in Exhibit 4-2 is initially in equilibrium at E1. Changes in market conditions result in a new equilibrium at E2. This change is stated as a(n):
A. increase in supply and an increase in quantity demanded. B. increase in supply and a decrease in demand. C. decrease in supply and a decrease in quantity demanded. D. increase in demand and an increase in supply.