The U.S. antitrust laws
A) aid monopolies in their quest to dominate the market for a good or service.
B) are outdated and rarely used anymore.
C) promote competition.
D) are administered by the Department of Commerce.
Answer: C
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The market supply curve is also the
A) marginal social cost curve. B) marginal value curve. C) marginal social benefit curve. D) maximum-supply-price curve.
Figure 1.1 displays exogenous variables entering a model from which emerge endogenous variables. Yet, in the five-step process to develop an economic model, the macroeconomist specifies the endogenous variables first, then the exogenous variables
Which is the correct sequence? Explain.
Which of the following average cost functions suggests the presence of a natural monopoly?
A) AC = 2 B) AC = 100/Q + 2 C) TC = 100/Q + 2Q D) All of the above.
The cost of holding money balances increases when
a. the inflation rate decreases. b. the nominal interest rate increases. c. the nominal interest rate decreases. d. nominal GDP is far from full employment.