In the IBM case, the company was accused of violating the law that prohibits
A. firms from successfully achieving monopoly status.
B. firms from using their monopoly in one market to increase market share in another.
C. charging prices that are unfairly too high.
D. firms from attempting to undercut competitors' prices.
Answer: B
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Refer to Figure 11-11. What is the amount of excess capacity?
a. Q4 - Q3 units b. Q3 - Q2 units c. Q3 - Q1 units d. Q4 - Q2 units
The figure above shows the costs and benefits associated with producing paper. What is the marginal external cost when output is 6 tons?
A) $1,600 B) $1,200 C) $1,000 D) $600 E) $400
In L. Frank Baum's classic 1900 children's book, The Wonderful Wizard of Oz, the name "oz" is a reference to
A) an ounce (oz.) of gold. B) an ounce (oz.) of silver. C) an ounce (oz.) of copper. D) an ounce (oz.) of gold or silver. E) an ounce (oz.) of wheat.
Sarah and David both have linear demand curves for lemonade. Sarah's demand is more elastic than David's. At the current price of $0.50 per glass, they both choose to buy 5 glasses. A change in the price of lemonade to $0.75 per glass will
A) decrease Sarah's consumer surplus more than David's. B) decrease David's consumer surplus more than Sarah's. C) increase Sarah's consumer surplus more than David's. D) increase David's consumer surplus more than Sarah's.