Once a cartel determines the profit-maximizing price
A) each firm faces the temptation to cheat by raising its price.
B) each firm faces the temptation to cheat by lowering its price.
C) changes in the output of any member firm will not affect the market price.
D) entry into the industry by rival firms will not affect the profit of the cartel.
B
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A decrease in the cost of production will shift the supply curve down and to the right.
Answer the following statement true (T) or false (F)
The Taft-Hartley Act of 1947 made
A) union shops illegal. B) closed shops illegal. C) sympathy strikes legal. D) secondary boycotts legal.
Public goods are usually provided by:
a. private industry. b. the government. c. private citizens. d. internal markets e. local industry.
Which of the following is a primary function served by financial markets?
a. creating new products and product lines b. facilitating large-scale production methods c. encouraging laborers to unionize d. implementing new production techniques e. discovering new markets for existing products