With successful collusion that maximizes the total profits of the firms in the market,
a. the market demand curve shifts leftward
b. monopoly power allows the sellers to charge whatever price they want for their joint output level
c. each firm faces a horizontal demand curve for its output
d. each firm can sell as much output as it chooses at the price set by the cartel
e. the pricing decision is constrained by the market demand curve
E
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What are the three time horizons used to categorize aggregate supply? What is the difference between the immediate short-run and the short-run aggregate supply?
What will be an ideal response?
Peruvian economist Hernando de Soto claims the ___________ in Latin America results in "dead capital."
A. weak titling system B. strong titling system C. general lack of strong national defense D. generally weak currencies