The Celler-Kefauver Act of 1950
A. declared every contract or conspiracy to restrain trade illegal.
B. extended the government's authority to ban vertical and conglomerate mergers.
C. outlawed specific monopolistic behaviors such as tying contracts, price discrimination, and unlimited mergers.
D. extended the language of the Federal Trade Commission Act to include "deceptive" as well as "unfair" competition methods.
Answer: B
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The figure above shows the demand and marginal revenue curves facing Sue's Surfboards, the sole renter of surfboards on Big Wave Island. If Sue is renting 25 surfboards an hour so that the marginal revenue is negative, then Sue's Surfboards
A) can increase its profit by increasing the number of rentals. B) must face an inelastic demand for surfboard rentals. C) must face a unit elastic demand for surfboard rentals. D) must face an elastic demand for surfboard rentals.
People tend to hold more money as
A. the average price level falls. B. the interest rate falls. C. credit availability rises. D. incomes fall.
Suppose the current level of output is 10,000 and the elasticity of output with respect to labor is 0.8. A 10% increase in labor would increase the current level of output to
A. 10,008. B. 10,080. C. 18,000. D. 10,800.
M1 is larger than M2
Indicate whether the statement is true or false