Productivity growth tends to affect all industries to the same degree
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is most likely to happen if the Federal Trade Commission (FTC) wins a suit against alleged violators of antitrust law?
a. The FTC will receive compensation up to three times the damage caused. b. The FTC will not be able to impose substantial penalties. c. The FTC will force firms to break up through dissolution. d. The FTC will force firms to merge together. e. The FTC will file criminal actions that may result in fines but not prison sentences.
Economists proclaim that competitive firms make zero economic profit in the long run. This shows how
A) detached economists are from the real world. B) unrealistic economic theory is. C) firms cover all their cost, both monetary and non-monetary. D) firms cover only monetary cost when economic profits are zero.
Which of the following is an example of an economic trade-off that a firm has to make?
A) whether it is cheaper to produce with more machines or with more workers B) deciding why consumers want its products C) whether or not consumers will buy its products D) deciding what profit margin it desires for its products
In a functioning market, people will buy a good up to the point where:
A. the marginal benefit of the last unit is equal to the marginal cost of that unit. B. the marginal benefit of each unit is equal to the marginal cost of each unit. C. they can no longer afford it. D. the total benefit of the good is equal to the total cost of the good.