What are the main characteristics that make it more likely for a cartel to enforce agreements among participating members?
What will be an ideal response?
A cartel is more effective in enforcing agreements if there are a small number of firms, relatively homogeneous products, easily observable prices, and little variation in prices.
Economics
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Refer to Table 2-6. What is James's opportunity cost of making a tricycle?
A) 2 tricycles B) 3/4 of a wagon C) 1/2 of a wagon D) 1/2 of a tricycle
Economics
In the long-run, a perfectly competitive firm will achieve
a. An average rate of return b. Above average profits c. Losses d. Economic Profits
Economics