During this century, court decisions on antitrust have:
A. changed from per se, to rule of reason, and back to per se.
B. changed from rule of reason, to per se, and back to rule of reason.
C. always emphasized per se.
D. always emphasized rule of reason.
Answer: B
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Why would a chain store sell some items, such as soda pop, below cost?
A) They are not interested always in maximizing profit. B) They feel people need soda pop more than the other items in the store. C) Pricing some items "below cost" might be an efficient strategy to maximize the store's total profit. D) Because most firms can only enjoy profits by consistently selling all their items below cost.
High profits in some risky industries attract additional entrepreneurs to those industries.
Answer the following statement true (T) or false (F)
According to the second welfare theorem
A. equity cannot be analyzed in the Edgeworth box model because it shows only possible trades toward efficiency. B. the welfare of individuals is not based on material goods. C. the issues of equity and efficiency are separate in that the system can be on the contract curve but might not be considered equitable. D. when an allocation is efficient it also achieves equity.
In order to measure what a country produces, we:
A.) Summarize total output in physical terms. B.) Count units of output. C.) Count the weight of different products. D.) Summarize the monetary value of output.