If Happy Campers advertises a 120 day low-price guarantee that will refund any of its customers the difference between the price they paid for a camper and a lower price offered by Happy Campers for the same camper, this is an example of ________.
A) price visibility
B) a meet-or-release clause
C) a meet-the-competition clause
D) a most-favored-customer clause
D) a most-favored-customer clause
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In the figure above, using the midpoint method, the price elasticity of demand when the price falls from $6 to $5 is equal to
A) 2.50. B) 1.63. C) 1.10. D) 0.91. E) 1.00.
What act of Congress declared restraint of trade illegal and declared any attempt at monopolizing unlawful?
a. Celler-Kefauver Act. b. Sherman Antitrust Act. c. Clayton Act. d. Robinson-Patman Act.
Government funding for _______________ helps produce broadly available technology as well as scientific advances.
a. research and development b. individual copyrights c. political campaigns d. state and local governments
If an economy is being "productively efficient," then that means the economy is:
A. producing the products most wanted by society. B. maximizing the returns to factors of production. C. fully employing all economic resources. D. using the least costly production techniques.