Which of the following is not part of our portfolio of antitrust acts?
a. Sherman Act
b. Clayton Act
c. Federal Trade Commission Act
d. Robinson-Patman Act
e. Herfindahl-Hirschman Act
E
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The optimal searcher is likely to not even attempt to secure perfect information even if it is possible to achieve it
a. True b. False
To say that a perfectly competitive market is in short-run equilibrium is to say that
a. at least one firm is earning an economic profit b. at least one firm is earning a normal profit c. no consumer wishes to buy any more or any fewer units at the market price d. each firm is earning an economic profit e. every consumer is purchasing a positive amount of output
Explain how the prices of goods and services used in the CPI differ from the prices used in the PPI
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Jen to produce one radio?
A. 1/10 TV B. 10 TVs C. 1/5 TV D. 5 TVs