The result of the Interstate Bakeries and Continental Bakery case was that the firms were:
A. allowed to merge only if one of the firms sold off some of its divisions.
B. blocked from merging because a merger would have created a monopoly in some locations.
C. fined substantial amounts for engaging in a trust.
D. forced to split up into several smaller firms.
Answer: A
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Demand for a luxury item, such as a yacht, is likely to be
A) income elastic and price inelastic. B) income inelastic and price elastic. C) both income elastic and price elastic. D) both income inelastic and price inelastic.
The social cost of production, in cases where negative externalities exist, is equal to the
a. sum of private and external costs minus social benefit b. sum of private and external costs c. sum of private cost and external cost minus social benefit d. sum of private cost and external cost e. current market price plus the external cost
A new Mexican restaurant opens in the city of Manchester. The other restaurant owners are not happy about this new restaurant because they are experiencing what externality?
The real rate of interest
A. is always negative. B. can be negative. C. can never be negative. D. is always zero.