In a cartel,
a. all firms produce the same amount of output and earn the same profit
b. all firms produce the same amount of output but earn different amounts of profit because their costs differ
c. firms produce different amounts of output but earn the same profit
d. firms with higher average cost produce more so that all firms earn the same profit
e. firms with lower average cost often earn higher profits
Question 2
Which of the following would be considered part of the underground economy?
a. tips reported to the IRS by a waitress
b. a barber giving a person a haircut in exchange for a meal
c. income earned through selling shares of stock
d. the portion of a professional athlete's salary that is economic rent
e. donations received by a local church in their collection plate on Sunday morning
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Competitive firms and maximization