Briefly describe the conditions under which cartels will be formed
What will be an ideal response?
An industry with relatively few firms selling identical or very similar products, where entry is very difficult and cost structures are very similar. Also, geographic proximity of the firms is very helpful.
Economics
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The price of a gallon of gasoline in Bonland is $3.20. However, just before the election, the government decides to fix the price of gasoline at $2.80 per gallon. This is an example of a ________
A) positive externality B) negative externality C) price floor D) price ceiling
Economics
The circular flow shows that
A) aggregate production equals aggregate expenditure. B) aggregate expenditure is less than aggregate income. C) GDP equals aggregate income. D) Both answers A and C are correct.
Economics