The Sherman Act made cooperative agreements
a. unenforceable outside of established judicial review processes.
b. enforceable with proper judicial review.
c. a criminal conspiracy.
d. a crime, but did not give direction on possible penalties.
c
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The firm in the above figure has an economic profit of ________
A) $0 B) $80 C) $160 D) more than $161 E) less than zero, that is, the firm has an economic loss
Average variable cost is measured by
a. AFC + ATC b. TC – TFC c. AVC – ATC d. TVC/TC e. TVC/Q
Which of the following statements is correct?
a. Strategic situations are more likely to arise when the number of decision-makers is very large rather than very small. b. Strategic situations are more likely to arise in monopolistically competitive markets than in oligopolistic markets. c. Game theory is useful in understanding certain business decisions, but it is not really applicable to ordinary games such as chess or tic-tac-toe. d. Game theory is not necessary for understanding competitive or monopoly markets.
The desired level of union employment occurs where the market wage curve intersects the labor supply curve.
Answer the following statement true (T) or false (F)