The rule of reason was applied in the:
a. Standard Oil case.
b. U.S. Steel case.
c. American Tobacco Trust case.
d. All of these.
d
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For a good to be scarce, it must be something that
a. has economic value. b. people find useful. c. is available only in limited quantities. d. All of these.
Perfect price discrimination
a. eliminates deadweight loss. b. reduces profits to the monopolist. c. decreases the total quantity sold by the monopolist. d. requires arbitrage in order for the monopolist to maximize profits.
If the political system follows the median voter model, why will many people likely still be dissatisfied by the extent of government involvement? What do some people do to remedy this?
Please provide the best answer for the statement.
Which of the following is the best definition of what economists define as total income?
A. inheritance B. payment for labor services, for use of other factors of production, and gifts and government transfers C. payment for labor services D. payment for labor services and for ownership of other factors of production