Article 102 of the Treaty on the Functioning of the European Union (TFEU) prohibits a dominant firm from doing all of the following except which one?
A) placing trading partners at a competitive disadvantage by practicing price discrimination
B) charging an unfair price
C) limiting or controlling production in markets through market division
D) buying at a price that is unfairly low
C) limiting or controlling production in markets through market division
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One of the applications of game theory is a mathematical analysis of: a. competitive markets
b. competitive sports. c. the probability of various outcomes. d. interdependent decision making.
The 1997 Kyoto Protocol was signed by
A) only the United States and the European Union. B) only nations in Asia. C) more than three dozen nations. D) all nations in the world.
Carol is very hungry. She has just sat down to eat. Her first bite gives her a certain level of utility. Her second bite increases her utility by more than the first bite. Her third bite increases her utility by more than the second bite. Carol has 40 bites left before she finishes. Which of the following statements is TRUE about Carol?
A. Carol will eventually experience diminishing marginal utility by the time she finishes eating, if her marginal utility begins to decline. B. Carol's total utility decreases with each bite. C. Carol's marginal utility will be negative when she takes her last bite. D. Carol is being inconsistent with the law of diminishing marginal utility.
Which of the following is true?
A) The price charged by a monopolistically competitive firm is equal to the price charged by a perfectly competitive firm in the long run. B) The price charged by each firm in a monopolistically competitive market is equal in the long run. C) The profit earned by a firm in a monopolistically competitive market is equal to the profit earned by a firm in a perfectly competitive market in the long run. D) The profit earned by a firm in a monopolistically competitive market is equal to the profit earned by a monopolist in the long run.