The legislation which made it illegal to monopolize a market was the:
A. Sherman Act.
B. Clayton Act.
C. Robinson-Patman Act.
D. Celler-Kefauver Act.
Answer: A
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If prices have increased since the base period, then
A) real GDP is larger than nominal GDP. B) real GDP can no longer be compared to nominal GDP. C) real GDP is equal to nominal GDP. D) real GDP is smaller than nominal GDP. E) there is no way to adjust nominal GDP so that it equals real GDP.
In a monopolistic competitive industry, short-run economic profit encourages entry of new firms until there are no economic profits in the long-run
a. True b. False Indicate whether the statement is true or false
An increase in demand and a decrease in supply, will lead to a(n) ________ in equilibrium quantity and a(n) ________ in equilibrium price.
A) decrease; decrease B) indeterminate change; increase C) indeterminate change; decrease D) increase; indeterminate change
A price discriminating pure monopolist will attempt to charge each buyer (or group of buyers):
A. different prices to compensate for differences in the characteristics of the product. B. the same price if per unit cost is constant for each unit of the product. C. that price that equals the buyer's marginal cost. D. the maximum price each would be willing to pay.