The criterion introduced by the Supreme Court in 1911 to determine whether a particular action was illegal or legal within the terms of the Sherman Act is called the
A. Interstate Commerce Rule.
B. Rule of Reason.
C. Clayton Act Rule.
D. Federal Trade Commission Rule.
Answer: B
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At the midpoint of a straight-line demand curve, the price elasticity of demand is:
A. greater than one. B. zero. C. less than one. D. equal to one.
If the demand for one good decreases when the price of another good decreases, the two goods are ________ goods
A) normal B) inferior C) complementary D) substitute
An economic boom experienced during a certain year in a country that increases actual GDP beyond potential GDP will result in: a. unemployment
b. inflation. c. deflation. d. increased fiscal spending.
A firm will use more and more land until the marginal revenue product of land
A. rises to the level of the rent. B. falls to the level of the rent. C. rises above the level of the rent. D. falls below the level of the rent.