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Author Question: Given the information in Scenario 4.3, erasers are: A) a normal good. B) an inferior good. C) ... (Read 67 times)

Destiiny22

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on: Jul 1, 2018
Given the information in Scenario 4.3, erasers are:
 
  A) a normal good.
  B) an inferior good.
  C) neither normal nor inferior.
  D) complements.
  E) necessities.

Question 2

What happens to the profit-maximizing cartel price and quantity if the marginal cost of production declines?
 
  A) The sellers are no longer price takers, so the change in marginal cost has no impact on the cartel outcome.
  B) If demand is downward sloping, the optimal cartel price should decline and the market quantity should increase.
  C) The sellers retain the same pricing strategy and capture higher per-unit profits.
  D) The cartel price increases and market quantity declines.


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bigcheese9

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A

Answer to Question 2

B


Destiiny22

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Reply 2 on: Jul 1, 2018
Thanks for the timely response, appreciate it

6ana001

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

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