The government uses the antitrust laws in place:
A. ineffectively because the laws are outdated.
B. to prevent all mergers that would create market power.
C. increasingly over time, as market power is getting more concentrated.
D. to break up and prevent monopoly power in markets.
Answer: D
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Economies of scale
A) lead to rising long-run average costs as output increases. B) occur if output more than doubles when all inputs are doubled. C) occur if output less than doubles when all inputs are doubled. D) occur when management complexity brings rising average cost.
If government purchases are $400 million, taxes are $700 million, and transfers are $200 million, which of the following is true?
A) Public saving is $100 million. B) The budget deficit is $100 million. C) The budget deficit is $500 million. D) Public saving is $500 million.
Which of the following could be considered a goal of policy to address poverty and inequality?
A. Economic development B. Safety nets C. Redistribution D. All of these are goals of policy to address poverty and inequality.
Why are the actions of the firms in an oligopoly interdependent?