Measured as a share of GDP, the net federal debt
a. increased during the 1990s, but fell sharply during 2001-2011.
b. fell during most of the 1990s, but rose sharply during 2001-2011.
c. was virtually unchanged during the 1990s, but fell sharply during 2001-2011.
d. fell during the 1990s, but was virtually unchanged during 2001-2011.
B
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The kinked demand curve:
a. applies when competitors match price decreases but not price increases. b. could apply to market demand in any market structure. c. applies when competitors match price increases but not price decreases. d. applies to the price leadership model. e. applies when competitors act independently.
Suppose an oil cartel has an agreement to restrict members' production in order to maintain a price of $30 per barrel. A single cartel member may want to cheat and exceed its quota so that it can:
a. reduce its costs. b. charge higher prices. c. make demand more inelastic. d. earn a bigger profit.