What is a cartel? Can cartels generate long-term profits without the existence of barriers to entry?
What will be an ideal response?
A cartel is an association of producers in an industry that agree to set common prices and output quotas to prevent competition. If they successfully earn profits, new firms will enter, so barriers to entry are still needed.
Economics
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The fact that the washroom usually has paper towels left (free to the consumer) suggests that the marginal utility of paper towels quickly diminishes to 0 for each consumer
a. True b. False
Economics
If DI falls by $100 billion, and C falls by $90 billion, the slope of the consumption is
a. ?0.45. b. 0.45. c. ?0.90. d. 0.90. e. 0.50.
Economics