Answer the following statements true (T) or false (F)
1) In 2017, the Federal Trade Commission required firms to report any merger involving assets that exceeded $80.8 million.
2) Typically, antitrust agencies closely examine vertical mergers and horizontal mergers receive much less scrutiny.
3) It is possible for a horizontal merger to increase the total surplus in the market.
4) When considering the legality of a horizontal merger, U.S. antitrust agencies tend to emphasize the importance of consumer surplus rather than total surplus.
5) The basic goal of identifying a product market is for antitrust agencies to determine the products that consumers consider close substitutes.
1) TRUE
2) FALSE
3) TRUE
4) TRUE
5) TRUE
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In the Fable of the Bees, it was found that contrary to popular belief among economists, but consistent with the Coase Theorem
a. apple growers would pay bee keepers for pollination services. b. bee keepers would pay orchard owners for access to their flowering trees. c. apple growers and bee keepers would reimburse each other for increasing output. d. the transactions costs of negotiating prevented any agreements from being reached between orchard owners and bee keepers.
If the market was a monopoly, the quantity would be ________ and the price would be ________; if the market tis perfectly competitive, the quantity would be ________ and the price would be ________
A) Q1; P1; Q2; P2 B) Q2; P1; Q1; P2 C) Q1; P1; Q2; P1 D) Q1; P2; Q2; P1 E) Q1; P2; Q1; P1
Changes in the rental price of land is largely determined by: a. changes in the supply of land
b. changes in the demand for land. c. changes in the elasticity of supply of land. d. the creation of new landfills.
____ experience lower rates of unemployment than do ____
a. High school graduates; college graduates b. College graduates; high school graduates c. Adult females; adult males d. Black males; white males