Which of the following made tying contracts illegal and banned price discrimination with the intent to monopolize?
A. the Clayton Act
B. the Cellar-Kefauver Act
C. the Federal Trade Commission Act
D. the Sherman Act
Answer: A
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The market demand for MP3 players is p = 50 - 0.5Q, and the marginal cost for Nick to obtain and sell a MP3 player is $10. If he signed a fixed-fee rental contract with the store owner and pays $400 as the rent,
A) Nick will sell 20 MP3 players. B) Nick will sell 30 MP3 players. C) Nick will sell 40 MP3 players. D) Nick will sell 50 MP3 players.
At price of $1.20, a local pencil manufacturer is willing to supply 150 boxes per day. At a price of $1.40, the manufacturer is willing to supply 170 boxes per day. Using the midpoint method, the price elasticity of supply is about
a. 2.0. b. 1.23. c. 1.00. d. 0.81.
Poverty is relative and not absolute.
A. True B. False C. Uncertain
A free market may produce a misallocation of resources over time because
a. the Fed manipulates interest rates. b. people have a "defective telescopic faculty." c. private risk usually exceeds social risk. d. All of the above are correct.