________, in economics, refers to a preference for equal outcomes within the target population
A) Randomness
B) Rationalism
C) Fairness
D) Liberalism
C
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The labor force participation rate is the percentage of the adult population that is
A) employed. B) willing to work but unable to find jobs. C) unemployed. D) working or actively looking for work.
In the 1945 Alcoa antitrust case, the Court found ALCOA:
a. not guilty of violating the Sherman Antitrust Act because it was a good monopoly. b. did not have a good reason for having a large market share, so found it guilty. c. guilty because its firm size was a per se violation of antitrust laws. d. not guilty because it did not engage in any illegal or unfair acts. e. was no threat to industrial democracy.
A price ceiling set above the equilibrium price causes a surplus in the market
a. True b. False Indicate whether the statement is true or false
A perfectly elastic demand function
A. is characteristic of an individual firm operating in a perfectly competitive market. B. shows that the individual firm can increase sales by lowering the price of output. C. has a marginal revenue that is always decreasing. D. shows that a consumer is willing to pay any amount for the product.