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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When a profit-maximizing firm in a monopolistically competitive market is in long-run equilibrium,
a. the demand curve will be perfectly elastic. b. price exceeds marginal cost. c. marginal cost must be falling. d. marginal revenue exceeds marginal cost.
Economics
In the United States, the average government subsidy for a college education at a private institution is approximately ________ for every $1 spent by the student.
A. $10 B. $5 C. less than $0.65 D. $2
Economics