The Sherman Antitrust Act was passed to
A) protect companies from foreign competition.
B) protect the monopoly profits of firms.
C) control the growth of monopolies in the U.S.
D) prevent market price from equaling marginal cost.
Answer: C
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Under monopolistic competition, firms produce ________ products and have prices ________ marginal cost.
A. differentiated; above B. differentiated; below C. homogenous; above D. homogenous; below
There are several criticisms of the minimum wage. Which of the following is not one of those criticisms? The minimum wage
a. often hurts those people who it is intended to help. b. results in an excess supply of low-skilled labor. c. prevents some unskilled workers from getting needed on-the-job training. d. fails to raise the wage of any employed person.
If P were 6, V were 10, and Q were 2,000, how much is M?
What will be an ideal response?
In game theory, the credibility of a threat:
A. determines whether or not a Nash equilibrium to a game exists. B. influences the degree of cooperation between two rivals. C. is relevant only in simultaneous games. D. determines whether or not a firm has a dominant strategy.