Under current antitrust laws, conglomerates are
a. illegal per se
b. legal in the United States, but illegal internationally
c. immune from prosecution
d. legal only if they can show they are efficient
e. illegal when necessities such as food are involved
C
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A public good
A. costs essentially nothing to produce and is thus provided by the government at a zero price. B. generally results in substantial negative externalities. C. can never be provided by a nongovernmental organization. D. cannot be provided to one person without making it available to others as well.
The demand for movies is unit elastic if
A) a 5 percent decrease in the price leads to an infinite increase in the quantity demanded. B) a 5 percent increase in the price leads to a 5 percent decrease in the quantity demanded. C) any increase in the price leads to a 1 percent decrease in the quantity demanded. D) a 5 percent increase in the price leads to a 5 percent increase in total revenue.
Which of the following is closest to a perfectly competitive market?
A) the computer software market B) the market for handmade guitars C) the market for broccoli D) the market for athletic shoes
If A is preferred to B and B is preferred to C, then we would expect A to be preferred to C. This property is called