The act of Congress which prohibited "unfair or deceptive acts or practices in commerce" is called
A) the Federal Trade Commission Act of 1914.
B) the Clayton Act.
C) the Sherman Act.
D) the Robinson-Patman Act.
Answer: A
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Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed below.CustomerReservation Price($/Rental)A22B16C12D8E6F4 Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island bikes charges a different price in the morning and in the afternoon, then what will be the total economic surplus?
A. $49 B. $3 C. $9 D. $41
The above figure shows the demand and cost curves for a firm in ________ in the ________
A) perfect competition; short run B) monopolistic competition; long run C) perfect competition; long run D) monopolistic competition; short run
What are the three main exchange rate systems, and how do they operate?
What will be an ideal response?
Suppose that Company A's railroad cars pass through Farmer B's corn fields. The railroad causes an externality to the farmer because the railroad cars emit sparks that cause $1,500 in damage to the farmer's crops. There is a special soy-based grease that the railroad could purchase that would eliminate the damaging sparks. The grease costs $1,200 . Suppose that the railroad is not liable for any
damage caused to the crops. Assume that there are no transaction costs. Which of the following characterizes an efficient outcome? a. The railroad will continue to operate but will pay the farmer $1,500 in damages. b. The railroad will purchase the grease for $1,200 and pay the farmer nothing because no crop damage will occur. c. The farmer will incur $1,500 in damages to his crops. d. The farmer will pay the railroad $1,200 to purchase the grease so that no crop damage will occur.