A firm charged with monopolizing a market is less likely to be convicted if:
A. the court accepts a broad definition of the market.
B. the court accepts a narrow definition of the market.
C. it has gained its monopoly through abusive means.
D. it sells its product to other firms, rather than directly to consumers.
Answer: A
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Economists Kenneth Chay and Michael Greenstone found that in the two years following the passage of the Clean Air Act of 1970, the sharp reduction in air pollution also led to a decline in infant deaths
Although this and other studies provide compelling evidence of the link between pollution and infant health, it is not clear that reductions from the much lower levels of ambient pollution today would have the same effect. Which of the following reasons could explain this? A) Today, the level of pollution is much higher. Therefore, it will take a much larger reduction in air pollution to reap benefits similar to those in 1970. B) The cost of pollution abatement today is much higher than it was in the 1970s. Thus, it would be far more costly to achieve the same level of benefit today as the benefit achieved in 1970. C) When levels of pollution are high, the marginal benefit of reducing pollution is low. Therefore, it was necessary to significantly reduce air pollution in 1970 before benefits could be realized. Today, when the level of pollution is much lower, such drastic measures are unnecessary. D) When levels of pollution are high, the marginal benefit of reducing pollution also is high. It follows therefore that the benefit of reducing air pollution in 1970 would be much higher than the benefit from a proportional reduction in air pollution today when the level of pollution is much lower.
Assume that coffee and tea are substitutes. Given a downward sloping demand curve for tea, an increase in the price of tea will cause
A) an increase in the demand for coffee. B) a decrease in the demand for coffee. C) a leftward shift of the demand curve for tea. D) a leftward shift in the demand for coffee.
Which of the following statements is true about individuals and utility?
A. Individuals seek to maximize utility. B. Individuals seek to maximize their income, not utility. C. Individuals will either minimize or maximize utility depending on the situation. D. Individuals rarely try to maximize their utility.
___________ is the study of the determination of an equilibrium price and quantity in a given product or input market that is self-constrained and independent of other markets
Fill in the blank(s) with the appropriate word(s).