The exchange rate affects the trade in goods and services between California and NewYork
a. True
b. False
Indicate whether the statement is true or false
False
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When is price fixing among competitors not a violation of the antitrust laws?
A) Price fixing among competitors is always a violation of the antitrust law. B) when a cartel can maximize profit without behaving like a monopoly C) when price fixing leads to a more efficient outcome D) when price fixing does not result in predatory pricing
In the short run, a perfectly competitive firm's most profitable level of output is where:
a. total revenue minus total cost is at a maximum. b. marginal cost equals marginal revenue. c. Both of the above. d. Neither of the above.
A value-added tax or VAT is a tax on
a. retail purchases only. b. wholesale purchases only. c. pollution. d. all stages of production of a good.
What concept does economics primarily deal with?
a) scarcity b) poverty c) change d) power