The antitrust legislation that forbids a company from selling goods on the condition that the purchaser must deal exclusively with that company is the
A) Sherman Act.
B) Robinson-Patman Act.
C) Fair Trade Commission Act.
D) Clayton Act.
D
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If demand is price elastic,
A) a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent. B) a 1 percent increase in the price leads to an increase in the quantity demanded that exceeds 1 percent. C) a 1 percent decrease in the price leads to a decrease in the quantity demanded that is less than 1 percent. D) the price is very sensitive to any shift of the supply curve.
Historical note: All of the following were examples in the text of goods that had been patented except
a. penicillin b. tabs on beer and soda cans c. Polaroid's instant film camera d. watercolor paint e. Xerox's photocopier
If the money supply of a country doubles, a likely result is ________.
enough demand to give everyone a job inflation a trade surplus a doubling of real GDP
Number of WorkersTotal ProductMarginal Product00-1882 10325 430 5 3634 Refer to the above data. When two workers are employed:
A. total product is 18. B. total product is 20. C. average product is 10. D. total product cannot be determined from the information given.