The Robinson-Patman act
a. Is a part of the antitrust laws
b. Makes it illegal to give a price discount on a good sold to another business
c. Is also known as the Anti-Chain-store Act
d. All of the above
d
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Two goods are said to be complements when a fall in the price of one good:
A) leads to a fall in price of the other good. B) doesn't affect the demand for the other good. C) leads to a left shift in the demand for the other good. D) leads to a right shift in the demand for the other good.
The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 tariff is imposed on imported rice, the change in consumer surplus is
A) c + d. B) c + d +g. C) a + b + c + d. D) f + g.
A capital inflow occurs when:
A. money saved domestically is invested in another country. B. money saved in another country finances domestic investment. C. there is a negative difference between capital inflows and capital outflows for a country. D. there is a positive difference between capital inflows and capital outflows of a country.
If price is cut and demand is elastic, then
A) total revenue will fall. B) total revenue will not change. C) quantity demanded will fall. D) total revenue will rise.