In the short run, ________ costs exceed ________ costs.

On the eve of the Civil War, what was the number one export in the U.S.?

(a) Cotton (b) Wheat (c) Gold (d) Shipping services

If a cartel is formed in order to maximize the total profits of its members, it will

a. charge the monopoly price, but produce more output than a monopoly would b. produce the monopoly output, but charge a lower price than a monopoly would c. charge the same price, and produce the same quantity that a monopoly would d. charge a higher price and produce more output than a monopoly would e. charge the monopoly price, but total output may be higher or lower than a monopoly's