The government weighs the potential cost savings resulting from a merger against the potential anticompetitive problems to determine whether or not to allow a merger to take place.
Answer the following statement true (T) or false (F)
True
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A firm facing a horizontal demand curve
a. cannot affect the price it receives for its output. b. always produces at an output at which P = MR. c. faces perfectly elastic demand for its product. d. All of the above are correct.
Tyrell is consuming X and Y so that he is spending his entire income and MUx/Px = 7 and MUy/Py = 7. To maximize utility, he should consume
A. the same amount of X and Y since he is already maximizing utility. B. less X and more Y. C. less of both X and Y. D. more X and less Y.
The quantity of aggregate output demanded will fall if
A. the price level increases. B. net taxes are reduced. C. government spending increases. D. Aggregate supply increases.
Which of the following can expand the production possibilities frontier?
a. Improved patent laws b. Legal reforms that increase transaction costs c. Reductions in the length of patent protection d. Stringent tax laws for R&D companies e. The advent of a labor deepening technology