Which of the following is the best definition of money?
A. capital
B. is something with value
C. is printed on paper
D. is used for purchases
Answer: D. is used for purchases
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Which of the following methods can be used to sustain a cartel?
A) removing barriers to entry B) trade groups C) acts of self-interest D) the use of binding contracts
In the Wabash case (1886), the Supreme Court held that:
a. states cannot enact laws that interfere with interstate commerce. b. states could restrict price-discrimination based on person, but not price-discrimination based on place. c. states could regulate railroad rates on long-hauls, but not rates on short-hauls. d. held that railroad practices could not be regulated by any federal or state governing body.
Public goods
A) are products supplied by the government. B) are consumed by everyone when one person consumes them. C) are efficiently produced by profit-seeking firms. D) are freely traded on a market.
Kyra's Vedic Secrets produces hair masks and hair spa products. The firm advertises a secret natural ingredient used in its products that completely stops hair fall and improves hair growth. Consumers have a high perception of its products' quality and are ready to pay a marginally higher price for its products than for its rival's products. The firm described in this example is operating in a(n)
_____. a. perfectly competitive market b. monopoly c. oligopoly d. monopolistically competitive market