The only gas station within a radius of 200 miles has a
a. geographic monopoly
b. government monopoly
c. technological monopoly
d. natural monopoly
Ans: a. geographic monopoly
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The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:
a. a rapid improvement in the standard of living. b. expanded trade relations with other nations. c. lower prices of domestic products. d. allocation of resources away from the primary products. e. greater cost efficiency in domestic production.
The first antitrust legislation was passed in the United States during the late 1970s in response to the massive OPEC oil-price shocks and the Penn-Central Railroad cartel. Prior to this time, government authorities were forced to use nuisance laws to restrict anti-competitive business activity
Indicate whether the statement is true or false
To get a profit-maximizing firm in a perfectly competitive labor market to hire another worker, the firm will need to
A. raise the wage rate paid to that last worker hired and also to all previous workers hired. B. lower the wage rate paid to that last worker hired and also to all previous workers hired. C. lower the wage rate paid to the last worker hired only. D. raise the wage rate paid to the last worker hired only.
Refer to Table 3-4. The table above shows the demand schedules for cashews of two individuals (Jordy and Amy) and the rest of the market. If the price of cashews rises from $4 to $6, the market quantity demanded would
A) decrease by 33 lbs. B) increase by 33 lbs. C) increase by 39 lbs. D) decrease by 39 lbs.