When two firms in an industry become one firm, they are engaged in:
A. a trust agreement.
B. a merger.
C. predatory pricing.
D. None of these.
Answer: B
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Your real wealth is measured as the
A) amount of assets you have in dollar terms. B) amount of money you have. C) amount of goods and services your wealth will buy. D) amount of goods you have divided by the price level.
Who of the following has been prominently accused of acting on the basis of the "edifice complex?"
a. the Environmental Protection Agency? b. A. C. Pigou c. the Army Corps of Engineers d. environmental activists
Market failure will most likely arise from poor information when the product is
a. a repeat-purchase item. b. easily evaluated on inspection. c. often purchased from the same seller. d. unlikely to be purchased from the same seller in the future.
A situation in which the price charged is greater than society's opportunity cost would lead to
A. marginal monopoly pricing. B. market failure. C. marginal profits. D. marginal cost pricing.