Suppose a city has 20 citizens. The first 10 citizens each derive marginal benefit from traffic lights according to the function MB = 10 - Q, and the remaining 10 citizens each derive marginal benefit from traffic lights according to the function MB = 20 - Q. If traffic lights cost $20 each to produce, what is the efficient quantity of traffic lights?

A firm where owners are usually not managers and not personally liable for the firm's debts is a

A) sole proprietorship. B) general partnership. C) corporation. D) None of above.

A cartel is defined to be

A) any oligopolistic industry with fewer than 4 firms. B) a form of oligopoly in which firms agree to sell at different prices like in monopolistic competition. C) a form of oligopoly in which firms formally agree to establish a common strategy, often a common price, in effect acting like a monopoly. D) a form of oligopoly in which firms agree to compete with each other on an equal basis.