The Robinson-Patman Act places restrictions on ______.
a. game theory strategies
b. the Herfindahl-Hirshman Index
c. the bandwagon effect
d. allowable price discrimination
d. allowable price discrimination
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Secular deflation occurs when
A) both aggregate demand and aggregate supply are shifting left. B) there is no economic growth and aggregate demand falls. C) aggregate demand increases at the same time there is no economic growth. D) aggregate demand remains unchanged while economic growth increases long-run aggregate supply.
If a person supplies fewer hours of labor in response to a wage increase, then
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) the income effect equals the substitution effect. D) the person is not maximizing utility.
According to the original Phillips curve, the cost of reducing the unemployment rate in the short run is a
A) fall in Real GDP. B) fall in nominal GDP. C) lower rate of price inflation. D) higher rate of wage inflation.
Answer the following statement true (T) or false (F)
1) Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets. 2) If the demand for agricultural products is inelastic, a relatively small increase in supply will cause farm prices and incomes to decline. 3) The use of price-support programs in agriculture has hastened the exodus of resources from agriculture. 4) The concept of parity has provided a rationale for government price supports for farm products.