The basic purpose of antitrust laws is to:
A. Provide subsidies for American business
B. Limit monopoly power in industry
C. Control prices to protect consumers
D. Enforce laws that restrict competition
B. Limit monopoly power in industry
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How much money to hold is an application of the:
A. cost-benefit principle. B. scarcity principle. C. principle of increasing opportunity cost. D. principle of comparative advantage.
On average, about half the labor force in developing countries works in agriculture, versus only about 3 percent in industrial market countries
a. True b. False
In a planned economy,
a. prices are used to coordinate economic activity. b. central planners set production targets and tell producers how to produce. c. high prices discourage use of the most scarce resources. d. central planners allow the price to determine distribution of a product.
To maximize its profit, a monopolistically competitive firm
a. takes the price as given and chooses its quantity, just as a competitive firm does. b. takes the price as given and chooses its quantity, just as a colluding oligopolist does. c. chooses its quantity and price, just as a competitive firm does. d. chooses its quantity and price, just as a monopoly does.