Which of the following made tying contracts illegal and banned price discrimination with the intent to monopolize?
A. the Cellar-Kefauver Act
B. the Clayton Act
C. the Sherman Act
D. the Federal Trade Commission Act
Answer: B
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Services can be thought of as
A) unvalued goods. B) unwanted goods. C) free goods. D) intangible goods.
Paul's Plumbing is a small business that employs 12 people. Which of the following is the best example of an implicit cost incurred by this firm?
A. The tax payments on property owned by the firm. B. The wages paid to the 12 employees. C. The half of the payroll taxes on the wages of the 12 employees paid by the employers, but not the half paid by the employees. D. The accounting services provided free of charge to the firm by Paul's wife, who is an accountant.
The ________ states that things with the greatest value in use frequently have little or no value in exchange.
A. diamond/water paradox B. law of reverse exchange C. utility conundrum D. law of diminishing marginal utility
Economic historians have located evidence to suggest that colonists barely lived at subsistence levels
Indicate whether the statement is true or false