OPEC periodically meets to agree to restrict the cartel's oil output, and yet almost every member of OPEC produces more than its own output quota. This suggests that OPEC has
A) a threat of substitute goods. B) a noncooperative equilibrium.
C) new potential entrants. D) a cooperative equilibrium.
B
Economics
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The benevolent social planner would like to see people take
A) all possible precautions. B) all cost-justified precautions. C) only cost-justified precautions. D) both b and c
Economics
Suppose that the government imposes a tax on firms for money wages they pay. How would this change the classical aggregate supply curve? Why?
What will be an ideal response?
Economics