A conspiracy among firms to fix prices was outlawed by the Sherman Antitrust Act
a. True
b. False
Indicate whether the statement is true or false
True
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What are the five variables that will shift the demand curve?
What will be an ideal response?
If input prices increase, the supply curve for cheese will shift to the right
a. True b. False Indicate whether the statement is true or false
The halfway-point between the buyer's valuation and the seller's opportunity cost is:
a. sometimes a focal point. b. where the two parties invariably agree to transact. c. outside the core. d. inside the utility possibility frontier.
According to economist Milton Friedman, a. the short-term validity of the Phillips curve is questionable
b. there might be a short-term trade-off between unemployment and inflation but not a permanent trade-off. c. trade-off happens between unemployment and inflation happens in the long run but not in the short run. d. the long-run trade-off between unemployment and inflation comes from unanticipated inflation.