The Sherman Antitrust Act was not specific enough to eliminate monopolies in the United States
a. True
b. False
Indicate whether the statement is true or false
True
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Public utilities are often referred to as
a. supernatural monopolies. b. oligopolistic monopolies. c. natural monopolies. d. competitive monopolies.
GDP measures how many goods and services are produced but says nothing about whether the quality of life has improved
a. True b. False Indicate whether the statement is true or false
You and your college roommate eat three packages of Ramen noodles each week. After graduation last month, both of you were hired at several times your college income. Your roommate still enjoys Ramen noodles very much and buys even more, but you plan to buy fewer Ramen noodles in favor of foods you prefer more. When looking at income elasticity of demand for Ramen noodles, yours would
a. be negative and your roommate's would be positive. b. be positive and your roommate's would be negative. c. be zero and your roommate's would approach infinity. d. approach infinity and your roommate's would be zero.
The quantity demanded of a good is the amount that buyers are
a. willing to purchase. b. willing and able to purchase. c. willing, able, and need to purchase. d. able to purchase.