Under the original Sherman Antitrust Act, violators were guilty of a misdemeanor
a. True
b. False
Indicate whether the statement is true or false
True
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According to an article the Wall Street Journal, "The big car makers are pushing a wide
array of new technology into production, responding to relentless competitive pressure, rising energy prices and consumer demand for better safety. Source: Joseph B. White, "Ford, GM Eye Shift in Buying Habits," Wall Street Journal, May 22, 2006. Which of Porter's competitive forces does this statement allude to? A) competition from foreign auto manufacturers B) competition from substitute products from outside the industry C) competition from existing firms within the industry D) the threat of competition from new entrants
The supply curve for a competitive firm is
A) its entire MC curve. B) the upward-sloping portion of its MC curve. C) its MC curve above the minimum point of the AVC curve. D) its MC curve above the minimum point of the ATC curve. E) its MR curve.
Graphically, a firm's profit is the area of marginal revenue minus the area of marginal cost
a. True b. False Indicate whether the statement is true or false
A monopolistically competitive industry is like a purely competitive industry in that:
A. nonprice competition is a feature in both industries. B. firms in both industries face a horizontal demand curve. C. each industry produces a standardized product. D. neither industry has significant barriers to entry.