A cartel is
A) an agreement among competitors to regulate prices or output.
B) a bond with no fixed maturity date.
C) a contract between manufacturers and retailers.
D) a highly leveraged buy-out.
E) a shopping center in which all lessees pay the same percentage of common operating costs.
A
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Objects in and of themselves have no costs. Lunches are an object, so they presumably have no cost. Yet we often hear economists say, "There is no such thing as a free lunch." Are economists being inconsistent?
A) It is impossible to tell. B) Yes, if the statement implies lunch actually has a cost. C) No, if the statement implies the decision to offer lunches free of charge entails the sacrifice of scarce resources, which could have served other useful purposes. D) Both B and C are true.
Refer to Figure 22-4. Using the per-worker production function in the figure above, the largest changes in an economy's standard of living would be achieved by a movement from
A) E to B to D. B) D to B to E. C) C to B to A. D) A to B to C.