Behavioralists believe that:
A. if four or fewer firms control more than half of the market for a product, then the Sherman
Act is being violated.
B. industries should be judged on the basis of their price-output behavior and their
technological progressiveness.
C. there is no evidence that any monopolistic industry has abused its market power.
D. all concentrations of economic power are socially undesirable.
Answer: B
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A new country has been established on the moon and created a currency called cheesybits. Which of the following represents demand for cheesybits?
A. Luna lives on the moon and wants to travel to visit relatives in Japan. B. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon. C. Moonrock corporation needs new mining equipment that it buys from a manufacturer in Russia. D. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill.
A consumer is a lender if
A) optimum current consumption is less than current disposable income. B) optimum current consumption is greater than current disposable income. C) current disposable income is greater than future disposable income. D) the consumer's indifference curves are relatively flat.
As income rises, the demand for inferior goods
A. rises. B. falls. C. stays about the same. D. cannot be determined.
When a country imposes a tariff to protect a domestic monopolist from international competition, it will produce _______ output and charge _______ in a perfectly competitive domestic industry.
a. more; a higher price than b. the same; the same price as c. less; a higher price than d. less; a lower price than