The main goal of antitrust policy is to
A. prevent the monopolization of industries.
B. induce firms to produce at the MR = MC level.
C. prevent the nationalization of industries.
D. regulate natural monopolies.
Answer: A
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When tastes over current and future consumption take the Cobb-Douglas form, interest rates have no impact on savings when income is earned in the current period but not in the future.
Answer the following statement true (T) or false (F)
The figure above shows a firm in a perfectly competitive market. If the firm does not shut down, the least amount of output that it will produce is
A) less than 5 units. B) 5 units. C) 8 units. D) 10 units.
During the 19th century, ____ was the mainstream school of economics.
A. classical B. Keynesian C. monetarism D. supply-side
Refer to the diagram below of the market for corn. If the price in this market is at $4 per bushel, then there will be a:
A. Surplus and the price will tend to rise
B. Shortage and the price will tend to rise
C. Surplus and the price will tend to fall
D. Shortage and the price will tend to fall