In the above figure, suppose that the government sets a limit that may be produced of 10 units of output and the price rises to $4. The total deadweight loss would be

When does an oligopoly market result in a cartel? What conditions must be present for the cartel to be successful?

What will be an ideal response?

If a firm's output equals 10, product price equals $5.00, TFC = $8.00, and TVC = $60.00, then AFC would equal

a. $.80 b. $1.00 c. $80.00 d. $2.00 e. $8.00