A profit-maximizing producer seeks to
A. Minimize average total costs.
B. Maximize profit per unit.
C. Minimize marginal cost.
D. Maximize total profit.
Answer: D
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Which of the following is a difference between a cartel and a monopoly?
a. A cartel will seek to decrease production in order to increase profits, whereas a monopoly will seek to increase production in order to increase profits. b. A cartel is a price taker, whereas a monopoly is a price setter. c. The members of a cartel each have an incentive to cheat on the agreed-upon quantity and price, whereas a monopoly has no such incentive. d. The members of a cartel sell homogeneous products, while a monopoly sells differentiated products.
The time needed to introduce a change in monetary or fiscal policy is called an ________ ________
a. Recognition Lag b. Decision-Making Lag c. Implementation Lag d. Effectiveness Lag