A common misconception about supply is that
a. supply depends on many other variables.
b. price is a major determinant of quantity.
c. it is a fixed amount.
d. quantity cannot be determined in advance.
e. All of the above are correct.
c
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Given the production function q = 1.37LK, what is the marginal product of labor?
A) 1.37 B) 0 C) 1.37K D) Cannot be determined with the information given.
The following is not associated with bid-rigging
a. bid-riggers bidding their true value b. "knockout" auctions c. bid rotations d. amnesty to the first conspirator willing to testify against fellow conspirators
The legality of which of the following actions would be determined using the rule -of-reason?
A) an agreement with a competitor firm submit a high bid on a contract B) an agreement with a competitor firm to set prices C) an agreement with a competitor firm submit a low bid on a contract D) an agreement with a customer about the markets in which the customer is allowed to resell the product
The biggest percentage of corporate receipts in the United States is accounted for by which type of organization?
a. sole proprietorships b. small corporations c. large corporations d. small partnerships e. large partnerships