Agreements among competing sellers to maintain prices and share markets
A) are usually unenforceable in court and illegal under many state laws and under federal law where applicable.
B) are very common because they lead to economies of scale and hence greater efficiency.
C) enable all sellers to cover their sunk costs but do not guarantee that any seller will be able to cover marginal cost.
D) usually result in greater total output but also in higher prices to consumers.
A
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Most trading nations do not completely specialize. Incomplete specialization is mainly due to:
a. decreasing opportunity costs. b. increasing opportunity costs. c. constant opportunity costs. d. perfectly substitutable resources.
Including marginally attached workers in the calculation of the unemployment rate would
A) increase the reported rate. B) lower the reported rate. C) not change the reported rate. D) change the reported rate, but in an unpredictable manner.