The Sherman Act prohibited
A) collusive price agreements among rival sellers. B) setting price above marginal cost.
C) marginal cost pricing. D) selling below average total cost.
A
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Cheating in a cartel is more likely to occur if the industry
A) has a large number of firms. B) has homogeneous products. C) has easily observable prices. D) has little variation in prices.
What can good assumptions do?
a) cause economists to leave out important variables that make their theories worthless b) simplify the complex world and make it easier to understand c) further complicate an already difficult topic d) allow economists to see the "big picture" instead of only small segments
How do open market operations work?
What will be an ideal response?
The supply curve for milk
a. shifts when the price of milk changes because the price of milk is measured on the vertical axis of the graph. b. does not shift when the price of milk changes because the price of milk is measured on the vertical axis of the graph. c. does not shift when the price of milk changes because the price of milk is measured on the horizontal axis of the graph. d. shifts when the price of milk changes because the quantity supplied of milk is measured on the horizontal axis of the graph.