The "active antitrust perspective" in policy enforcement strongly espouses the following beliefs, except:
A. Firms occasionally use illegal tactics to gain over competitors
B. Antitrust authorities must act like officials in a football game
C. Competition and creative destruction could lead to monopolies
D. When competition is insufficient, allocative inefficiencies will occur
C. Competition and creative destruction could lead to monopolies
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If a firm fails to provide investors with at least a normal rate of return
A) it will not be able to remain in business in the short run. B) it will have a positive economic profit but a negative accounting profit. C) it will not be able to remain in business in the long run. D) it will shut down in the short run but will be able to remain in business in the long run.
In a closed economy, income equals:
A. consumption plus net exports. B. consumption plus savings. C. consumption minus savings. D. savings plus investment.
In a market with 1,000 identical firms, the short-run market supply is the
a. marginal cost curve above average variable cost for a typical firm in the market. b. quantity supplied by the typical firm in the market at each price. c. sum of the prices charged by each of the 1,000 individual firms at each quantity. d. sum of the quantities supplied by each of the 1,000 individual firms at each price.
Which of the following decreases supply in the market for pizza?
a. Pizza shop employees successfully organize a union and negotiate a pay increase. b. Cheese prices drop because price supports for dairy farmers are removed. c. Suppose that some hot sandwich shops can also produce pizzas, and consumer demand for hot sandwiches declines sharply, reducing the profitability of producing hot sandwiches. d. The Surgeon General announces that eating pizza reduces the incidence of stomach cancer.