The economists of Tri Manka who just learned about a newly formed pharmaceutical cartel in the country suggest doing nothing about it. This is because O cartels are more profitable for the industry and will charge a lower price and produce more output. O cartels are illegal and will be eventually caught. O individual cartel members may find it profitable to cheat on agreements and there is a good possibility the cartel won't hold for too long. O entry barriers are insignificant in oligopolistic industries and more entrants will create enough competition in the future. Nicole just inherited a farm that operates in a purely competitive industry. Nicole wants to know about the potential profitability of the company. From the economic perspective, she can expect O economic profits to persist in the long run if consumer demand is stable. O economic losses in the long run because of cut-throat competition. that in the short run, the farm may incur economic losses or earn economic profits, but in the long run, only normal profits are expected. O there will be economic profits in the long run but not in the short run. Gbay enjoys being a monopolist in the online retailing business in a country of South Nordia. Expected economic profits for Gbay: are always zero because consumers prefer to buy from competitive sellers. O may be positive or negative depending on market demand and cost conditions. are usually negative because of government price regulation. O are always positive because the monopolist is a price-maker. The labor demand curve: O is perfectly elastic at the going wage rate. O slopes downward because of diminishing marginal productivity. O slopes downward because of diminishing marginal utility. O slopes downward because the elasticity of demand is always less than unity. 5 pts