In a cartel, member firms may be given a fixed amount to produce. This amount is called

Related MCQs

• In a cartel:
• As If a few large firms dominate an industry the market is known as:
• Which of the following legal restrictions, if enforced effectively, would be likely to solve a prisoners’ dilemma type of problem for the firms involved?
• Suppose a firm sells its product at a price lower than the opportunity cost of the inputs used to produce it. Which is true?
• A consumer with a fixed income will maximize utility when each good is purchased in amounts such that the:
• Which is not a fixed cost?
• If you know that with 8 units of output, average fixed cost is Rs.12.50 and average variable cost is Rs.81.25, then total cost at this output level is:
• With fixed costs of Rs.400, a firm has average total costs of Rs.3 and average variable costs of Rs.2.50. Its output is:
• An oligopolist may engage in short-run behaviour that results in lower profits if
• A firm may decide to increase its scale so that it has excess production capacity because, by doing so, it is able to