A private firm that sustains a financial loss because of an antitrust violation may be able to recover three times the actual damages
a. True
b. False
A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
If the demand for air travel were to change so that business travelers and vacationers have the same price elasticity of demand for air travel
A) airlines would charge the same price to each type of flyer. B) airlines would still charge business flyers a higher fare since the traveler's employer pays anyway. C) airlines would be driven out of business. D) airlines would counter by charging vacationers a higher fare.
The number of firms in a perfectly competitive industry is not fixed in the long run.
Answer the following statement true (T) or false (F)
If the United States could produce 1 ton of potatoes or 1 ton of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, there can be mutual gains from trade if: a. the United States specializes in potatoes because of its comparative advantage in producing potatoes. b. the United States specializes in wheat because of its absolute
advantage in producing wheat. c. the United States specializes in wheat because of its comparative advantage in producing wheat. d. there can be no mutual gains from trade.