Refer to Figure 3-4. At a price of $25, how many units will be supplied?

The age-earnings profile predicts that earnings will peak at

A) the 35-40 age level. B) the 45-50 age level. C) the 60-65 age level. D) retirement.

Answer the following statements true (T) or false (F)

1. The rule of reason states that monopolies that behave well are still illegal. 2. Advertising is considered a form of product differentiation. 3. Oligopolies always produce differentiated products. 4. Price stability is common in oligopolies. 5. Perfect competition always provides a lower price than monopolistic competition or an oligopoly. 6. The Clayton Act prohibits price discrimination, if it substantially reduces competition. 7. A four-firm concentration ratio indicates the number of firms in the industry. 8. The Herfindahl Index is calculated by summing the squares of the market shares of each firm in the industry.

The Fed's countercyclical policy during expansion and prosperity includes:

a. raising the required reserve ratio, raising the discount rate, and selling government bonds on the open market. b. raising the required reserve ratio, raising the discount rate, and buying government bonds on the open market. c. raising the required reserve ratio, cutting the discount rate, and selling government bonds on the open market. d. raising the required reserve ratio, cutting the discount rate, and buying government bonds on the open market. e. lowering the required reserve ratio, cutting discount rates, and buying government bonds on the open market.

The story in the textbook about helium, hydrogen, and the German zeppelin program is meant to illustrate the importance of

a. patents b. potential entry c. acquisition of competitors d. exclusive access to resources e. oligopoly