The purpose of antitrust laws is to:
a. reduce anticompetitive activities.
b. regulate electric companies.
c. guarantee worker safety.
d. promote quality products.
a
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Which of the following suggests that a competitive firm earns zero economic profits?
A) P = MC > ATC B) P > MC = ATC C) P = MC = ATC D) P > MC > ATC
Refer to Table 2-4. What is Jack's opportunity cost of mowing a lawn?
A) one-half of a garden cultivated B) two lawns mowed C) two-thirds of a garden cultivated D) one and a half lawns mowed
Bob is looking for work after school, but everywhere he fills out an application, the managers say they always have a lot more applications than open positions. Tom has a law degree. Several firms have made him offers, but he thinks he might be able to find a firm where his talents could be put to better use
a. Bob and Tom are both frictionally unemployed. b. Bob and Tom are both structurally unemployed. c. Bob is frictionally unemployed, and Tom is structurally unemployed. d. Bob is structurally unemployed, and Tom is frictionally unemployed.
The trilemma refers to all the following EXCEPT:
a. a fixed exchange rate. b. international capital mobility. c. monetary policy autonomy. d. price controls.