If a few oil-producing countries in the Middle East decide to jointly limit the production of oil,
A) they are forming a cartel.
B) they would like the price of oil to be the same as if the market were perfectly competitive.
C) game theory does not apply to their actions because they are nations, not firms.
D) they will try to operate as a large, monopolistically competitive firm.
E) they will agree to lower the price of oil in order to increase their profits.
A
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Other things equal, if Mexico devotes more resources to train its population than Spain,
A) Mexico will be able to eliminate scarcity faster than Spain. B) Mexico will grow faster than Spain. C) Mexico will be able to eliminate opportunity cost faster than Spain. D) Mexico will have more current consumption than Spain. E) Spain will grow faster than Mexico.
________ is the difference between the willingness to pay and the price paid for a good
A) Producer surplus B) Consumer surplus C) Seller's profit D) Revenue