In the United States, antitrust enforcement focuses on
A) the profitability of the leading firms in an industry.
B) the degree of market concentration within a market.
C) the average level of prices charged by firms.
D) the price-cost margin of an industry.
Answer: B
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When operating on its PPF, a country can produce 2 tons of butter and 200 cars OR 3 tons of butter and 150 cars. The opportunity cost of 1 ton of butter is ________ cars per ton of butter
A) 300 B) 200 C) 50 D) 0.75
The graph shown demonstrates a tax on buyers. Which of the following can be said about the effect of this tax?
A. The tax creates a shortage, and rationing must occur.
B. The tax creates a surplus, and the government must buy the excess.
C. The tax creates a shortage, and the government must regulate the market.
D. None of these is true
Which of the following statements is true?
A) Price ceilings set below the equilibrium price cause shortages. B) Surpluses result when a price floor is set above the equilibrium price. C) Price ceililngs set above the equilibrium price cause surpluses. D) Price ceilings are set by the market and price floors are set by the government. E) ?a and b
A favorable supply shock causes the price level to
a. rise. To counter this a central bank would increase the money supply. b. rise. To counter this a central bank would decrease the money supply. c. fall. To counter this a central bank would increase the money supply. d. fall. To counter this a central bank would decrease the money supply.