Answer Happy

29. An association of manufacturers or suppliers that has a purpose of maintaining prices at a high level and restricting competition is a cartel. True or False 30. OPEC is not an example of a cartel. True or False 31. The concentration calculates the size of companies in comparison to others in their industry. True or False 32. With four companies (Delta, United, Southwest, and American Airlines) controlling nearly two thirds of all domestic flights in the US as of 2021, it has been purported that the airline industry is an oligopoly. True or False 33. In the long run equilibrium, a company/firm can achieve equilibrium when it adjusts its Plant(s)/manufacturing facilities to produce output at the minimum point of their long-run Average Cost (AC) curve. True or False 34. In pure competition, entrepreneurs remove resources from industries and firms that are generating economic losses in order to transfer them to industries and firms that are generating economic profits. True or False 35. Total Revenue is attained by multiplying price by the corresponding quantity the firm sells. True or False 36. Elastic demand means that a product or resource demand whose price elasticity is greater than one meaning the resulting change in Quantity Demanded is greater than the percentage in price. True or False 37. Inelastic demand is a product or resource for which the price elasticity is less than one meaning, the resulting percentage change in Quantity Demanded is less than the percentage change in price. True or False I 38. Variable costs are those costs that do not change with the level of output. True or False 39. Fixed costs are those costs that vary with changes in output. True or False 40. Marginal costs is the extra or additional cost of producing one more unit of output. True or False