One organization in the United States today that is exempt from antitrust laws is
A. the steel industry.
B. the automobile industry.
C. professional baseball.
D. the oil industry.
Answer: C
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Some consumer electronics products such as plasma TVs, DVD players, and digital cameras, are introduced at very high prices but over time, their prices start falling (beyond what could be attributed to falling costs as companies take advantage of
economies of scale and cheaper technologies). Which of the following is the best explanation for this observation? A) Early adopters of these new products typically have a higher demand and higher income compared to those who are willing to wait. B) More firms are likely to enter the consumer electronics market over time, forcing market prices down. C) Early adopters are more quality conscious and are willing to pay higher prices for the initial production of these goods. D) After satisfying the demand for early adopters, firms lower price to attract the more price-sensitive consumers.
Some online penny auctions charge a fee, such as $1, for every bid placed
Why should these costs of $1 per bid be considered sunk costs? Would it be smart for someone who has "already invested $5 in bidding costs" to keep bidding to "protect his or her sunk investments"? Why or why not?
Refer to the graph shown. In the graph, if the price level is P0 and the aggregate demand curve is AD0, then the economy is in:
A. a recessionary gap. B. an inflationary gap. C. a short-run equilibrium but not a long-run equilibrium. D. a long-run equilibrium.
Production functions indicate the relationship between
A) factor costs and output prices. B) factor inputs and the quantity of output. C) the value of inputs and average costs. D) factor inputs and factor prices.