Suppose that smart phone producers meet secretly and agree to issue the smart phones of their most successful models sequentially and at the same price that maximizes their profits. After hearing about the secret meeting the U.S
Justice Department is most likely to file charges under the A) Sherman Act.
B) Wheeler-Lea Act.
C) Robinson-Patman Act.
D) FTC Act.
A
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The price elasticity of demand for oil is estimated at 0.05. This value means a 10 percent increase in the
A) quantity of oil demanded will result from a 0.5 percent increase in the price of oil. B) quantity of oil demanded will result from a 0.5 percent decrease in the price of oil. C) price of oil will increase the quantity of oil demanded by 0.5 percent. D) price of oil will decrease the quantity of oil demanded by 0.5 percent.
All normal goods have
A) income elasticities of demand greater than 1.0. B) price elasticities of demand greater than 1.0. C) negative price elasticities of demand. D) positive income elasticities of demand.
Based on the above figure, for which of the following amounts of output at Ike's Ice Cream Kitchen does the average product of labor exceed the marginal product of labor?
A) at 10 gallons B) at 40 gallons C) at 70 gallons D) all of the above
When U.S. residents buy foreign assets from foreigners, the ______.
a. monetary outflows provide foreigners with U.S. dollars b. purchases are recorded as debits in the current account c. monetary inflows provide U.S. residents with foreign currency d. purchases are recorded as credits in the financial account