Which of the following correctly identifies a difference between taste-based discrimination and statistical discrimination?
A) Taste-based discrimination is observed in the service sector, whereas statistical discrimination is observed in the manufacturing sector.
B) Taste-based discrimination is observed in the manufacturing sector, whereas statistical discrimination is observed in the service sector.
C) Employers engaging in taste-based discrimination are willing to forego profits, whereas employers engaging in statistical discrimination are trying to enhance profits.
D) Employers engaging in statistical discrimination are willing to forego profit, whereas employers engaging in taste-based discrimination are trying to enhance profits.
C
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If a person can prove that she was damaged by an illegal arrangement to restrain trade, that person can sue and recover
a. the damages she sustained, as provided for in the Sherman Act. b. the damages she sustained, as provided for in the Clayton Act. c. three times the damages she sustained, as provided for in the Sherman Act. d. three times the damages she sustained, as provided for in the Clayton Act.
The market structure of oligopoly is when
A. there are many producers of a homogeneous product. B. there are a small number of interdependent firms that constitute the entire market. C. there is a single producer of a product. D. there are many producers of a differentiated product.
At the Larson Bakery the marginal products of the first, second, and third sales clerks are 20, 17, and 11 customers served, respectively. The total product (number of customers served) of the first two sales clerks is
A. 3. B. 17. C. 37. D. 48.
If a perfectly competitive firm sells 50 units of output at a market price of $10 per unit, its marginal revenue is:
A. more than $10. B. less than $10. C. $10. D. $500.