The antitrust law that prohibits firms from combining or conspiring to restrain trade in interstate commerce is the:
a. Federal Trade Commission Act.
b. Clayton Act.
c. Sherman Antitrust Act.
d. Robinson-Patman Act.
c
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Refer to the above figure. For a normal good, the rightward shift of the curve could have been caused by
A) a technological improvement. B) an increase in the cost of inputs. C) an increase in income. D) a decrease in income.
A nonexclusive good is a good that a. is sold in low price markets
b. is impossible to keep people from enjoying the benefits the good provides. c. is produced by a perfectly competitive firm. d. is produced at the lowest possible cost.
Given the consumption equation C = $500 billion + 0.80Y, an increase in national income from $6,000 billion to $7,000 billion will cause consumption to increase by
a. $800 billion b. $1,000 billion c. $1,300 billion d. $1,500 billion e. $1,800 billion
According to economists, competition exists because of
A) scarcity. B) capitalism. C) money. D) unintended effects.