In the United States, government policies with respect to monopolies and collusion are embodied in
A) the U.S. Constitution.
B) common law, which the United States adopted from English law.
C) the Supreme Court.
D) antitrust laws.
Answer: D
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The price of a cowboy hat is $100. Willie can produce a hat at a marginal cost of $130, Waylon can produce at a marginal cost of $100, and Merle can produce at a marginal cost of $85. Which of the following statements is correct?
A) The sum of producer surplus is $15. B) All three of these sellers will gain producer surplus from selling a hat. C) The sum of producer surplus is $30. D) Willie's producer surplus is $30. E) The sum of producer surplus is $45.
The price system automatically leads to an efficient allocation of inputs among the different production processes.
Answer the following statement true (T) or false (F)
Consumption, saving, and wealth all represent stock concepts because they are measured over a period of time
a. True b. False Indicate whether the statement is true or false
Over three-fourths of the world's population lives in households that have an average income of less than ________ per year.
A. $1,000 B. $10,000 C. $4,000 D. $2,000