People scalping tickets for a rock concert can sell their tickets for at least a normal profit
A. any time the rock group is popular.
B. when prices are too high.
C. only when there is excess supply.
D. when the price set by the concert hall is less than the market equilibrium price.
Answer: D
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The general tax can be considered a retail sales tax.
A. True B. False C. Uncertain
The producer can raise the level of profit by hiring more units of a resource if:
a. the marginal revenue product of the resource is equal to the marginal factor cost. b. the marginal factor cost becomes negative. c. the marginal revenue product of the resource is greater than the marginal factor cost. d. the marginal revenue product falls to zero. e. the marginal revenue product of the resource is less than the marginal factor cost.
It is better to protect an infant industry with _______ than ________.
a. a voluntary export restraint; a quota b. a voluntary export restraint; a tariff c. a tariff; a quota d. a quota; a tariff
In breaking up the Standard Oil Company, the U.S. Supreme Court established that a company's violation of the Sherman Antitrust Act was determined by:
A. whether or not the firm engaged in "unfair business practices." B. the structure of the industry. C. the percentage of the market controlled by the firm. D. concentration ratios.