Laws that are used to prevent firms from colluding and setting high prices are called
A) anti-trust laws.
B) price ceiling laws.
C) anti-cartel laws.
D) anti-competition policies.
A
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When the price of Ford pickup trucks rises from $18,000 to $19,000, the quantity of Chevy trucks demanded increases from 112,000 to 144,000. What does the cross elasticity of demand between Ford and Chevy trucks equal?
What will be an ideal response?
Suppose a person's utility for leisure (L) and consumption (Y) can be expressed as U = Y + L0.5. Assuming a wage rate of $10 per hour, show what happens to the person's labor supply curve when the person wins a lottery prize of $100 per day
What will be an ideal response?
Seignorage is the revenue a government raises by
A. borrowing money. B. taxation. C. charging fees for services. D. printing money.
Under the original Gramm-Rudman-Hollings Act, a congressionally enacted budget deficit that was larger than the targeted amount would
A. result in both automatic tax cuts and spending increases. B. result in automatic spending cuts. C. result in automatic tax cuts. D. result in automatic spending increases.