Two CEOs from different firms in the same market collude to fix the price in the market. This action violates the
a. Clayton Act of 1914.
b. Sherman Antitrust Act of 1890.
c. Crandall-Putnam ruling of 1983.
d. Jackson-Microsoft ruling of 2000.
b
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If new firms enter a perfectly competitive industry, the market supply
A) does not change. B) becomes more price elastic. C) becomes more price inelastic. D) increases. E) decreases because each firm produces less than before the entry.
An advantage of the corporation over other forms of business organization is that
A) the owners have unlimited liability. B) a corporation's profits are taxed only once. C) large-scale, low-cost capital is more readily available. D) the decision-making structure is simple.
Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches C) 5 wristwatches D) 0.05 units of a wristwatch
Planned economies
a. can increase production rapidly but are likely to be inefficient b. can produce efficiently but can't guarantee consumers' needs are met c. can produce efficiently, but only at low levels of output d. can provide for all society's needs, but are likely to be inefficient e. none of the above