An economy that grows too slowly fails to raise living standards

Firms in long-run perfect competition produce at

A) increasing returns to scale. B) decreasing returns to scale. C) constant returns to scale. D) no returns to scale.

To be successful, a cartel must

a. find a way to encourage members to produce more than they would otherwise produce. b. agree on the total level of production for the cartel, but they need not agree on the amount produced by each member. c. agree on the total level of production and on the amount produced by each member. d. agree on the prices charged by each member, but they need not agree on amounts produced.