Cartel members have an incentive to cheat on cartel agreements because
a. the cartel cannot maximize profits.
b. the cartel price is the competitive price.
c. the demand curve for the firm is more elastic than the cartel's demand curve.
d. the industry profit would be higher under competitive conditions.
C
Economics
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The market demand for MP3 player is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10. If he signed a fixed-fee rental contract with the store owner and pays $1000 as the rent,
A) Nick will sell 20 MP3 players. B) Nick will sell 40 MP3 players. C) Nick will sell 50 MP3 players. D) Nick will not sign the contract.
Economics
The federal government began officially measuring poverty in the
A) 1860s. B) 1900s. C) 1930s. D) 1960s.
Economics