The Sherman Antitrust Act
a. was passed to encourage judicial leniency in the review of cooperative agreements.
b. was concerned with self-interest dominated Nash equilibriums in prisoners' dilemma games.
c. enhanced the ability to enforce cartel agreements.
d. restricted the ability of competitors to engage in cooperative agreements.
d
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The Consumer Price Index measures
A) the average of raw material prices paid by producing firms. B) the level of prices with respect to goods and services purchased by a typical consumer in urban areas. C) the average of the prices of all goods produced in a country and goods imported from other countries. D) hourly wage rates of manufacturing workers.
Refer to the above figure. Suppose the economy is at point B and the central bank adopts expansionary monetary policy. In the short run, this will result in
A) the economy moving towards point A. B) the economy staying at point B. C) the economy moving towards point C. D) an outcome that cannot be predicted, as not enough information is given.
The number of workers hired by a firm at a specific wage rate can be determined if you know the
a. price of the good b. supply curve of labor c. MPP of labor d. MLC (marginal labor cost) e. MRP of labor
Total revenue can be defined as:
A. the total amount a firm spends on all inputs used in production. B. the amount that a firm spends on all inputs that go into making a good or service. C. the amount that a firm receives from the sale of goods and services. D. the total number of sales of a good or service by a firm.