If there was a conspiracy to fix prices, but the conspiracy did not succeed, the government can still take the conspiring firm to court for improper conduct. This situation would be an example of:
A. The rule of reason
B. A cease-and-desist order
C. A per se violation
D. Tying contracts
C. A per se violation
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The opportunity cost of going to a movie is
a. the price of the movie b. number of hours you spend watching the movie c. expected gains you experience by watching the movie d. the next best alternative that must be sacrificed in order to go to the movie e. expected gains minus the expected cost of the movie
A normal good is a good whose quantity demanded
a. rises when its price falls. b. falls when the price of a related good falls. c. falls when the consumer's total utility rises. d. rises when the consumer's real income increases.
Baumol argued that in an economy where productivity is growing in most sectors (called progressive sectors) and lagging in a few (non-progressive sectors), employment can still increase in the non-progressive sectors:
a. if employers in the non-progressive sectors lower wages. b. by investing in more labor-saving technology in the non-progressive sector. c. by raising prices in all sectors. d. as long as resources are transferred to the progressive sector. e. by transferring resources from cost-saving innovation in the progressive sector to the non-progressive sector
Which of the following is not an advantage of a pollution tax?
A. It allows firms to equate its marginal abatement cost and the marginal benefit (tax savings). B. It allows a low-cost firm to abate more. C. It provides firms an incentive to invest in pollution abatement technologies. D. It allows us to predict the total volume of pollution that will be discharged.