In recent years, the strictest application of antitrust laws has been for:
A. Breaking up firms with monopoly power
B. Prosecuting firms for price fixing activity
C. Blocking vertical mergers
D. Limiting foreign competition
B. Prosecuting firms for price fixing activity
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Which of the following occurs when a market is efficient?
A) Producers earn the highest income possible. B) Production costs equal total benefit. C) Consumer surplus equals producer surplus. D) Scarce resources are used to produce the goods and services that people value most highly. E) Every consumer has all of the good or service he or she wants.
If you are informed copper prices will fall in the next few months, you should ________ copper futures
But if that information becomes common knowledge, others will do the same thing, and the price of copper futures will ________. A) buy; rise B) sell; rise C) buy; fall D) sell; fall
Refer to Scenario 1-4. Had the firm not produced and sold the last 500 cigars, would its profit be higher or lower, and if so by how much?
A) Its profit would be $500 lower. B) Its profit would be $1,500 lower. C) Its profit would be $500 higher. D) Its profit would be $1,000 higher.
A political opponent argues that unemployment insurance is bad for the economy. How would you counter this argument to show that unemployment insurance is actually good for the economy?
What will be an ideal response?