A cartel is an agreement
A) among firms to flood the market and eliminate competition.
B) among firms to steal industrial processes from rival firms.
C) among firms to decrease output and raise price.
D) by the government to restrict imports.
C
Economics
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The relationship between the level of prices and the total demand for all goods and services is known as
A) aggregate demand. B) market supply. C) market demand. D) aggregate supply.
Economics
Suppose a farmer raising beef is making a normal profit. Then, because of a scare about mad cow disease, the demand for beef decreases drastically. What happens to the profits of the beef farmer in the short run and in the long run?
What will be an ideal response?
Economics