Author Question: An organization of sellers designed to coordinate their supply decisions to maximize joint profits ... (Read 31 times)

lak · **on:** Jun 30, 2018

An organization of sellers designed to coordinate their supply decisions to maximize joint profits is called a:
a. consumer cooperative.
b. marketing association.
c. regulatory agency.
d. cartel.

Question 2

The law of diminishing marginal returns implies that, in the short run:
a. output must fall beyond a certain point.
b. price must fall beyond a certain point.
c. the marginal product of the variable input must eventually decrease.
d. wages of workers must eventually increase.
e. total cost must fall beyond a certain point.