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To be successful in increasing the price of their product, members of a cartel must:
a. restrict market output.
b. encourage new firms to enter the market.
c. significantly increase market output.
d. find ways to lower costs of production.
How much quantity does each individual firm produce? Using your answers from a) and b), determine if an individual firm is making a profit or loss and calculate this amount.
How responsive to demand is each in the market period and describe what a manufacturer of each product might do in the short run to increase production.
the market system3939s answer to the fundamental question quotwho will get the goods and services?quot is essentially 1
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As Rob consumes more dates over the course of a day, it is likely that his marginal utility from date consumption will rise." Is the previous statement likely correct or incorrect?
The City of Rochester is thinking of expanding its airport. The expansion will increase travelers' consumer surplus by $100 and airlines' producer surplus by $200, while costing taxpayers only $50. However, the expanded airport will be much noisier.
list at least four sources of growth in the economy along with two examples of each source. explain what it contains
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collect data and information about the current economy using legitimate business publications and government website
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2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is: a.perfectly price inelastic b.perfectly price elastic c.relatively price inelastic d. relatively price elastic
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