Two antitrust acts actively used by the U.S. government to prevent monopoly power in markets are the ______________ and the ___________________.
A. Sherman Antitrust Act; Clayton Act
B. Bergman Antitrust Act; Clayton Act
C. Sherman Antitrust Act; Stapleton Act
D. Bergman Antitrust Act; Stapleton Act
A. Sherman Antitrust Act; Clayton Act
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If the prices of goods and services were expressed in terms of carved wooden beads, then the carved wooden beads would be serving as a
A) store of value. B) medium of exchange. C) mechanism for transforming present purchases into future purchases. D) unit of account.
The deadweight loss generated by a perfect-price-discriminating monopoly
A) equals the deadweight loss of a single-price monopoly. B) is greater than the deadweight loss of a single-price monopoly. C) equals zero. D) equals the sum of all lost consumer surplus.
The demand for insulin is typically_________________ than the demand for a large screen TV
a. More elastic b. More inelastic c. Less elastic d. Less inelastic
Scatterbrain Samantha often forgets to lock her house. This has caused the probability of a burglary to be 30%. If her house gets broken into, she faces a property loss of $10,000, otherwise she gets to keep her $100,000 . What is the minimum price an insurance company could offer (if it had no other costs)?
a. $10,000 b. $3,000 c. $100,000 d. $5,000