Unions are exempt from U.S. antitrust laws
a. True
b. False
Indicate whether the statement is true or false
True
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A tennis pro charges $15 per hour for tennis lessons for children and $30 per hour for tennis lessons for adults. The tennis pro is practicing
A) first-degree price discrimination. B) second-degree price discrimination. C) third-degree price discrimination. D) fourth-degree price discrimination. E) fifth-degree price discrimination.
A 10 percent decrease in the price of potato chips leads to a 30 percent increase in the quantity of soda demanded. What does this indicate?
a. Elasticity of demand for potato chips is 3. b. Cross-price elasticity of demand for soda is -3. c. Elasticity of demand for potato chips is 3. d. Elasticity of demand for soda 3.
Which of the following will reduce the likelihood of effective collusion among oligopolistic producers?
a. low entry barriers into the market b. a production of a homogenous product c. a stable market demand for the product d. a highly inelastic market demand for the product
Which of the following is true?
A) Compound interest means that you are earning interest on the principal but not prior interest earned. B) All of the above are true. C) The law of compound interest highlights the importance of beginning to save at a young age. D) Assume a 7 percent rate of interest and a price of $6 per pack of cigarettes. Smoking one pack of cigarettes per day for 50 years will cost the smoker $109,500 (=$6 365 days50 years).