Overt collusion is relatively rare because:
a. they are illegal in some countries, including the United States.
b. members find it difficult to agree on key decisions
c. members frequently have an incentive to cheat on the cartel.
d. of all the above reasons.
d
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If the demand and supply curves for a commodity shift to the right and the shift in demand is greater than the shift in supply, then in comparison to the initial equilibrium, the new equilibrium will be characterized by:
A) a lower price and quantity. B) a higher price and quantity. C) the same price and quantity. D) a higher price and a lower quantity.
The voting members of the Open Market Committee are
a. the 7 Governors of the Federal Reserve System. b. the 12 presidents of the Federal Reserve Banks. c. the 7 Governors and the Chairman of the Council of Economic Advisors. d. the 7 Governors and 5 of the presidents of the 12 regional Federal Reserve Banks.