In imperfectly competitive markets, increasing production will decrease the price of all units sold. This concept is known as the
A. income effect.
B. output effect.
C. price effect.
D. cartel effect.
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An oligopolist will increase production if the output effect is
A. less than the price effect.
B. equal to the price effect.
C. greater than the price effect.
D. The oligopolist never has an incentive to increase production.
Cartels are difficult to maintain because
A. the monopoly output is very difficult to determine.
B. the number of firms is always large.
C. costs to the firms in a cartel are continually rising.
D. each firm has an incentive to deviate from its agreed output level.
Whenever a cartel in a duopoly breaks down,
A. both firms obtain higher profits.
B. total output in the market will rise.
C. price in the market will rise.
D. the socially optimal output will be produced.
In the prisoners' dilemma game, self-interest leadsa.b.c.d.
A. each prisoner to stay silent.
B. to the follow-through of any agreement that the prisoners might have made before being questioned.
C. to an outcome that is better for both prisoners.
D. each prisoner to confess.
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