The purchase of the assets of one steelmaker by another steelmaker might be a violation of the:
a. Clayton Act.
b. Federal Trade Commission Act.
c. Celler-Kefauver Act.
d. Robinson-Patman Act.
c
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Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and a fungal disease destroys a large portion of the grape harvest of California vineyards
In the market for red wine, these two developments would A) increase demand and decrease supply resulting in a decrease in both the equilibrium quantity and the equilibrium price of red wine. B) increase demand and increase supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine. C) increase demand and decrease supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine. D) increase demand and decrease supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine.
The process by which individuals limit their productive efforts to a particular activity instead of trying to produce directly everything that they need is known as
a. specialization. b. using absolute advantage. c. using exchange. d. scarcity.
The above figure shows supply and demand curves for milk. In an effort to help farmers, the government passes a law that establishes a $3 per gallon price support. As a result, consumer surplus falls by
A) a. B) b + f. C) f + g. D) b + f - c.
Scarcity is:
A. a fact of life because of limited resources. B. can be eliminated by rational decision making. C. not a problem for Bill Gates because he is a billionaire. D. is a problem studied in microeconomics but is not a macroeconomic concern.