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Author Question: Which of the following explains how a cartel with 100 percent control might raise price to ... (Read 129 times)

berenicecastro

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on: Jun 30, 2018
Which of the following explains how a cartel with 100 percent control might raise price to monopoly-like levels?
 a. By setting a group output level equal to a profit-maximizing monopolist, and then assigning binding quota shares to cartel members.
  b. By setting an official price that members can secretly undercut.
  c. By forbidding price competition, but allowing non-cooperative rivalry in output levels.
  d. None of the above.

Question 2

The law of diminishing returns applies to which of the following segments of the marginal product of labor curve?
 a. The entire curve.
  b. The downward-sloping segment only.
  c. The upward sloping segment only.
  d. The point where labor input is zero.


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firehawk60

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


berenicecastro

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Reply 2 on: Jun 30, 2018
Thanks for the timely response, appreciate it

31809pancho

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  • Posts: 317
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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