If the educational attainment of a nation's population increases, the economy's production possibilities curve shifts inward
a. True
b. False
Indicate whether the statement is true or false
False
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If pure competition doesn't exist in the real world what is the implication for the shape of the demand curve that real-world firms would face?
What will be an ideal response?
Why do oligopolists (or cartel members) have an incentive to cheat on collusive agreements designed to maximize the joint profits of the firms in the industry?
a. Individual firms could gain if they charged a price greater than the industry's profit-maximizing price. b. The industry demand curve is more elastic than the demand curve confronting each of the firms in the industry. c. The firms would like to see the industry produce a larger output and charge a lower price. d. The demand curve confronting the individual firms is more elastic than the market demand curve for the product.