To avoid a rule-of-reason violation, the manager of a designer handbag firm should not undertake which of these actions without first speaking to an attorney?
A) enter into an agreement with a distributor about the minimum price the distributor can resell the handbags
B) enter into an agreement with another designer handbag firm to set the price of the handbags
C) enter into an agreement with another designer handbag firm not to sell to a particular customer
D) enter into an agreement with another designer handbag firm to only sell in certain areas of the world
A) enter into an agreement with a distributor about the minimum price the distributor can resell the handbags
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When total output, income, employment, and trade decline for 6 to 12 months, the economy is in what part of the business cycle?
What will be an ideal response?
The increase in revenue created by hiring one more unit of labor is the
A) marginal product of labor. B) marginal revenue of labor. C) marginal product revenue of labor. D) value of marginal product of labor.
When a perfectly competitive market is in its long-run equilibrium, the fact that the firms make zero economic profit will
A) encourage new firms to enter the market. B) cause existing firms to shut down. C) cause existing firms to leave the market. D) mean that the firms' owners earn a normal return.
In monopolistic competition, product differentiation gives the firms the power to set their prices
Indicate whether the statement is true or false