Answer the following questions true (T) or false (F)
1. The term "trust" in antitrust refers to a board of trustees that has collusive control over different companies.
2. Economic efficiency requires that a natural monopoly's price be set corresponding to the quantity where marginal revenue equals marginal cost.
3. A decrease in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point outside the frontier.
1. TRUE
2. FALSE
3. FALSE
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The above figure shows the supply and demand curves for high-skilled and low-skilled labor. High-skilled workers earn a wage rate of
A) $15 per hour. B) $12 per hour. C) $9 per hour. D) $6 per hour.
Because employment actually continued to fall at the beginning of the recoveries that began in 1991, 2001, and 2009, these recoveries have come to be known as
A) pseudo recoveries. B) non-recoveries. C) double-dip recoveries. D) jobless recoveries.
Refer to the table below. If Fresh Laundry is currently producing 6 quality units, to maximize profit, Fresh Laundry should ________ the number of quality units as the current quality marginal revenue is ________ than its marginal cost.
Fresh Laundry is a firm that produces laundry detergent. The table above summarizes Fresh Laundry's product quality marginal revenue and marginal cost at various quality levels.
A) decrease; greater
B) increase; less
C) increase; greater
D) decrease; less
Nominal GDP is measured by calculating real GDP at constant prices.
Answer the following statement true (T) or false (F)