The above table gives the demand and supply schedules for Blu-ray discs. Based on the table, the equilibrium quantity and price of a Blu-ray discs is

A group of firms acting together to limit output, raise price, and increase economic profit is a called a

A) duopoly. B) monopolistic oligopoly. C) competitive oligopoly. D) cartel. E) multi-firm competitive monopoly.

A price support system that raises price above the normal equilibrium will cause a

A. shift left in demand. B. decrease in the quantity supplied. C. shift right in supply. D. decrease in the quantity demanded.