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Chris M.
Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2786
Experience:  Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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15. A cartel arrangement is likely to be successful for its

Customer Question

15. A cartel arrangement is likely to be successful for its members only if it can _____. (Points: 4)
let members produce at full capacity and sell all of their output to the other cartel members
monitor the cartel members and enforce the arrangement
get the government to pass antitrust legislation
do all of the above

16. A single firm that can supply a good or service to an entire market at a smaller cost than two or more firms could is called a: (Points: 4)
Natural monopoly
Competitive monopoly
Artificial monopoly

17. The theory of comparative advantage concludes that _____. (Points: 4)
each individual should engage in that activity, in which he or she is more effective than anyone else
each individual should engage in a large number of economic activities, and not 'put of one's eggs in one basket'
each individual should pursue a career doing what he or she does best
each individual should strive to be self-reliant

18. Price gouging might be the result of (Points: 4)
A sudden increase in demand
A sudden decrease in demand
A sudden increase in supply
A surplus

19. Sunk costs are (Points: 4)
Borne by others, like pollution
Costs that cannot be recovered, and should not be included in one's future decisions
The value of the next-best use of one's resources
Costs that must be recovered, before one can allocate resources to alternative uses

20. In economics, capital includes _____. (Points: 4)
equipment and structures used to produce goods and services
all of the above

21. A negative externality occurs when _____. (Points: 4)
a person's action harm others, and that person does not bear the cost that others bear
a person breaches the social contract
a person's actions create benefits that other persons benefit from, but do not pay for
a person ceases activities that are external to the economic processes, in which that person engages

22. Transaction costs include _____. (Points: 4)
fees charged by brokers
transportation and communication costs
legal, accounting, and regulatory costs
all of the above

23. Legal prohibitions against price gouging _____. (Points: 4)
are necessary for the smooth operation of a market economy
are price floors that lead to surpluses
are price ceilings that lead to shortages
prevent price discrimination

24. OPEC is an example of _____. (Points: 4)
both of the above
none of the above

25. As you become more educated, you provide your environment with a ________ (Points: 4)
positive externality
negative externality
consumer surplus
producer surplus

26. Which good is considered to have an "inelastic" demand? (Points: 4)
Gasoline at a specific gas station in a populated city
Cocaine or heroin
Rolex watches
Toyota vehicles

27. Fireworks display, national defense, and fire protection most closely fit the definition of what kinds of goods, from the perspective of economics? (Points: 4)
scarce goods
uncertain goods
natural monopoly goods
public goods
Submitted: 6 years ago.
Category: Homework
Expert:  Chris M. replied 6 years ago.

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