The maximum possible profit that could be earned by a cartel is:
a. greater than the monopoly profit
b. equal to the monopoly profit.
c. less than the monopoly profit.
d. unrelated to the level of monopoly profit.
b
Economics
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Marginal utility:
A) is equal to total utility divided by the number of units consumed. B) is equal to total utility if the demand curve is linear. C) increases as more of a product is consumed. D) diminishes as more of a product is consumed.
Economics
To encourage invention and innovation, the government provides
A) patents. B) public franchises. C) government licenses. D) natural monopolies. E) easily obtained ownership barriers to entry.
Economics