In General, an Organization of Sellers Designed to Coordinate Supply

question 45

Multiple Choice

In general, an organization of sellers designed to coordinate supply decisions so that the joint profits of the members is maximized is called a(n) ____. If they are successful, the total market output and price will most closely approximate the output and price in a(n) ____ market. (Fill in the blanks.)

• A) cooperative; open price-taker
• B) cartel; monopoly
• C) cartel; open price-taker
• D) OPEC; competitive price-searcher

Identify the macroeconomic variables that change during economic fluctuations and recessions.

Distinguish between short-run and long-run effects in the aggregate demand and aggregate supply model.

Interpret economic diagrams and models to analyze changes in the economy.

Understand the concepts of recession, depression, and the economic variables associated with them.