When firms in an oligopoly successfully collude and do not cheat on a cartel agreement, they can achieve long-run economic profit similar to

If the equilibrium price of good X is $5 and a price ceiling is imposed at $4, the result will be a(n):

a. accumulation of inventories of unsold gas. b. shortage. c. surplus. d. all of these.

If mining companies are able to shift some of their production costs onto outside parties, the actual output of mines is likely to fall short of society's ideal

a. True b. False Indicate whether the statement is true or false