The practice of a group of firms negotiating a uniform price and fixing agreed-upon market share in order to limit competition is
a. legal in all states but illegal in Washington, D.C.
b. called conglomerate behavior
c. seldom successful because entry into the industry cannot be denied
d. called collusion
e. less profitable for each firm than maximizing profit individually
D
Economics
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Of the following, which group is hurt by a tariff?
A) domestic consumers of the good B) domestic government C) foreign government D) foreign consumers of the good E) domestic producers of the good
Economics
Currently tire producers must receive a price of $50 per tire to produce 5000 tires. If the supply curve of tires is upward sloping, then to produce one additional tire, tire producers will need to receive a price of
A) $50. B) less than $50. C) more than $50. D) $0.
Economics