An individual's decision to supply her labor or to spend her time in leisure activity is known as the labor-leisure tradeoff

What two factors are necessary for demand?

a. desire for a good or service and its availability in the market b. desire for a good or service and the ability to pay for it c. the availability of a good or service and the ability to pay for it d. familiarity with a good or service and the desire to pay for it

Cartels can more easily detect cheating by cartel members if the products sold by each member are largely homogeneous

As product quality varies, the observed prices charged by cartel members may be due to differences in the products, or they may be due to cheating. Which of the following goods would more difficult to monitor for potential cheating? A) Aluminum ingots B) Industrial concrete C) Steel beams D) Luxury yachts