One basic problem faced by central planners, but hardly present in a market system, has to do with:
A. Determining the production goals or targets in a factory
B. Having limited resources and trying to match them with unlimited wants
C. Coordinating production in various industries so that bottlenecks do not develop
D. Providing financial resources for increasing the real flows of products in the economy
Answer: C
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When the supply of a good decreases and the demand for the good remains unchanged, consumer surplus
a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged.
If the demand for one good decreases when the price of another good decreases, the two goods are ________ goods.
A. normal B. inferior C. complementary D. substitute
A single employer who faces the entire labor supply curve in an industry is a ___________.
Fill in the blank(s) with the appropriate word(s).
The Celler-Kefauver Act of 1950
A. declared every contract or conspiracy to restrain trade illegal. B. extended the government's authority to ban vertical and conglomerate mergers. C. outlawed specific monopolistic behaviors such as tying contracts, price discrimination, and unlimited mergers. D. extended the language of the Federal Trade Commission Act to include "deceptive" as well as "unfair" competition methods.