The per se rule would have not found a well-behaved, but gigantic, firm to be in violation of the antitrust laws
a. True
b. False
Indicate whether the statement is true or false
False
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448Over which price range is the demand inelastic?
A. $14-$12 B. $18-$16 C. $8-$6 D. $20-$18
If production is subject to economies of scale,
a. countries can gain from trade if each nation specializes b. one country will develop an absolute advantage in the production of all goods c. higher output levels result in higher average production costs d. one country will develop a comparative advantage in the production of all goods e. countries cannot gain from trade
If a firm reacts to other firms' market decisions by anticipating how the others will then react, this reflects
a. the behavior of followers of a price leader b. the behavior associated with price leadership c. a market with a low concentration ratio d. mutual interdependence e. collusion by definition
The law of diminishing marginal utility explains why
a. most individual demand curves are straight lines. b. the consumer's optimal purchase is at the tangency of an indifference curve and the budget line. c. most individual demand curves slope downward. d. marginal utility falls when total utility falls.