The Sherman Antitrust Act prohibits competing firms from even talking about fixing prices
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following product pairs would NOT be good candidates for price discrimination through tying?
A) Razors and razor blades B) Ink-jet printers and ink cartridges C) Pencils and paper D) Cellular telephones and cell phone service
Information asymmetry is not a problem when:
A. the wants of both parties are aligned with one another. B. the wants of both parties are opposed to one another. C. the constraints of both parties are identical. D. both parties lack the same information.
Conditional probability of event A given that event B has already occurred is represented as the ratio between Pr[A and B] and Pr[B]
Indicate whether the statement is true or false
A competitive price-taker market in long-run equilibrium is described as efficient because firms
a. produce at the low point on their average cost curve. b. produce where marginal cost yields a profit. c. earn no more than the cost of capital. d. are not profitable.