Antitrust laws in the United States rely more on economic theory and the rule of reason approach, whereas the European Union relies more on the per se approach
a. True
b. False
Indicate whether the statement is true or false
True
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The table above gives four production possibilities for airplanes and cruise ships. In possibility A, how many resources are devoted to the production of cruise ships?
A) 0 B) few C) most D) all E) It is impossible to tell without more information about the prices of airplanes and cruise ships.
The market structure in which there is interdependence among firms is
A) monopolistic competition. B) oligopoly. C) perfect competition. D) monopoly.
Which of the following is an explanation for the existence of frictional unemployment?
a. efficiency wages b. minimum-wage laws c. unions d. job search
The supply curve for gasoline will be more elastic in:
A. the short run because of the principle of diminishing returns. B. the long run because of the principle of diminishing returns. C. the short run because firms have more time in which to respond to the price change. D. the long run because firms have more time in which to respond to the price change.