To be successful, a cartel must
a. find a way to encourage members to produce more than they would otherwise produce.
b. agree on the total level of production for the cartel, but they need not agree on the amount produced by each member.
c. agree on the total level of production and on the amount produced by each member.
d. agree on the prices charged by each member, but they need not agree on amounts produced.
c
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In the extended classical model, an unanticipated increase in the money supply would cause output to ________ and the price level to ________ in the short run
A) increase; increase B) decrease; remain unchanged C) remain unchanged; increase D) decrease; decrease
After Hurricane Katrina destroyed much of the infrastructure of the United States Gulf Coast,
A) labor became more valuable. B) labor became less valuable because of the capital that had been destroyed. C) labor became less valuable because FEMA's response wasn't timely. D) labor became more valuable because of the rebuilding effort.