Author Question: Compared with price searchers' markets, price takers' markets are likely to result in A) less ... (Read 154 times)

Marty · **on:** Jun 29, 2018

Compared with price searchers' markets, price takers' markets are likely to result in

A) less advertising.
B) less competition.
C) lower output.
D) more profit.

Question 2

OPEC was able to function as an extremely successful cartel in the last half of the 1970s because

A) it was an association of governments rather than of private individuals.
B) it was able to separate OPEC oil from non-OPEC oil and to engage in price discrimination.
C) the increasing scarcity of oil produced an upward-sloping marginal revenue curve.
D) the widespread expectation of much higher future prices discouraged current production.
E) wars in the Middle East raised the marginal cost of producing oil.