An association of producers in an industry that agree to set common prices and output quotas to prevent competition is

A marginal cost pricing rule sets marginal cost equal to

A) minimum average variable cost. B) price. C) average cost. D) marginal revenue. E) the smaller of price or marginal revenue.

What effect does an increase in the price of the firm's output have on its demand curve for labor? Why?

What will be an ideal response?