Which of the following is not one of the ways that antitrust laws promote competition?
a. Antitrust laws allow the government to prevent mergers.
b. Antitrust laws allow the government to break up companies into smaller ones.
c. Antitrust laws prevent companies from coordinating their activities in ways that make markets less competitive.
d. Antitrust laws allow the government to shut down any firm the government believes has monopoly power.
d
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Answer the following statement(s) true (T) or false (F)
1. A firm that has not shut down in the short run will not shut down in response to a decrease in the marginal costs. 2. For prices greater than the minimum value of average variable cost, the firm's short-run supply curve coincides with its short-run marginal cost curve. 3. Given two supply curves passing through the same point, the flatter one has the higher elasticity. 4. Industry's supply curves tend to be less elastic than the supply curves of individual firms. 5. The elasticity of supply is positive because prices and quantities are always positive.
Substitute goods are goods that are:
a. jointly consumed. b. competing for consumer spending. c. used late in the game. d. inferior. e. normal.
Our educational standards today.
A. are the highest in history. B. are much higher than they were 50 years ago. C. are the same as they were 50 years ago. D. are much lower than they were 50 years ago.
An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when the:
A. supply of the product is relatively less elastic than demand. B. supply of the product is relatively more elastic than demand. C. tax is collected from the buyers. D. tax is collected from the sellers.