This market situation is much like a pure monopoly except that its member firms tend to cheat on agreed upon price and output strategies. What is it?

For which of the following categories of goods is demand likely to be the most price elastic?

a. automobiles b. foreign-made automobiles c. foreign-made sports cars d. a BMW sports car

According to Adam Smith's theory of absolute advantage, who benefits from engaging in trade?

What will be an ideal response?