In the United States, antitrust law focuses primarily on all of the following except which one?
A) consumer welfare
B) the means to monopolize a market
C) furthering the social interest
D) efficiency
C) furthering the social interest
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Relative to a no-international-trade initial situation, if the United States had a comparative advantage in wine production and exported wine, the U.S. domestic price of wine:
a. would rise, but domestic output would fall. b. would fall, but domestic output would rise. c. would rise, and domestic output would rise. d. would fall, and domestic output would fall.
J. J. Joubert, of the Joubert Dairy, tells his friend Jacques that the average revenue he gets for a liter of milk is $1 . We know then that $1 is the dairy's
a. marginal profit b. marginal cost c. price d. total revenue e. total profit
What does the Fed do when the initial equilibrium rate is below the target rate?
a. Decrease the price level. b. Increase the price level. c. Decrease the money supply. d. Increase the money supply.
The short-run aggregate supply curve (in the absence of misperceptions)
A. slopes downward. B. is horizontal. C. is vertical. D. slopes upward.