Money costs and opportunity costs are concepts that are
A. not related in any meaningful way.
B. used by tax accountants.
C. related through the relative prices of goods and services.
D. used by economists to learn the most efficient level of output.
Answer: C
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Which of the following is true for both perfect and monopolistic competition?
A) Firms produce a differentiated product. B) Firms face a downward sloping demand curve. C) Firms produce a homogeneous product. D) There is freedom of entry and exit in the long run.
Which landmark legislation made it illegal to engage in predatory pricing and also prohibited mergers if it led to weakened competition?
a. Sherman Act b. Robinson-Patman Act c. Cellar-Kefauver Act d. Clayton Act
There are very few non-price means of undermining cartel agreements to restrict competition among members
a. True b. False Indicate whether the statement is true or false
In a monopoly, consumer surplus decreases and producer surplus increases.
a. true b. false