Which of the following will cause a leftward shift of the supply curve for electricity?
A.) A decrease in the costs associated with the production of electricity.
B.) A decrease in consumer incomes.
C.) An increase in the taxes on electricity production.
D.) An increase in the price of electricity.
C.) An increase in the taxes on electricity production.
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The conclusion arrived at from a kinked-demand oligopoly model is that:
a. oligopoly firms cannot maximize their profits. b. oligopoly firms should keep prices at their current level. c. all oligopoly firms should raise prices. d. all oligopoly firms should lower prices. e. oligopoly market structure will lead to lower prices than more competitive industries.
Which statement is true?
A. Employment discrimination plays virtually no role in determining the distribution of income. B. Training, education, and intelligence play a very large role in determining the distribution of income. C. In our society, it's basically who you know, rather than what you know that determines the distribution of income. D. None of these statements are true.
If the U.S. imposed an import quota on farm machinery, then sales of U.S. farm machinery equipment producers would
a. rise and the exports of other U.S. industries would rise. b. rise and the exports of other U.S. industries would fall. c. fall and the exports of other U.S. industries would rise. d. fall and the exports of other U.S. industries would fall.
Which statement is false?
A. The 1961 electrical machinery anti-trust case is an example of covert collusion. B. Two of the companies involved in the electrical machinery case were charged with price fixing on turbine generators 11 years after being convicted of price fixing and illegal market-sharing. C. The conviction of high-ranking company executives in the 1961 electrical machinery case effectively ended covert conspiracies in this country. D. In 1996 the Archer Daniels Midland Company pleaded guilty and paid a $100 million criminal fine for its role in two international conspiracies to fix prices and eliminate competition in the lysine and citric acid markets.