Answer the following questions true (T) or false (F)
1. The U.S. government would never approve a proposed merger between two firms that could significantly increase the newly merged firm's market power even if the efficiency gains from the newly merged firm could make consumers better off.
2. Merger guidelines developed by the Antitrust Division of the U.S. Department of Justice use four-firm concentration ratios as measures of concentration.
3. Local or state offices of the Department of Justice usually set prices for natural monopolies in their jurisdictions.
1. FALSE
2. FALSE
3. FALSE
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In a perfectly competitive labor market, if any one firm decreases the amount of labor it employs, the most likely result will be that the
a. market wage rate will rise b. firm's revenue and cost will fall c. market wage will fall d. firm's revenue and cost will rise e. firm's revenue will fall, but its cost will remain unchanged
A decrease in the nation's wealth, all other factors constant, would cause:
A. the bond demand curve to shift left. B. bond prices to rise. C. the bond supply curve to shift left. D. interest rates to decrease.
Which of the following is a possible benefit of labor unions?
A. They may help firms to retain a more experienced workforce. B. They may help firms reduce training costs of new employees. C. They may facilitate communications between workers and managers. D. All of these
Which of the following would NOT be directly included in the U.S. GDP in 2010?
A) the purchase of a new home in Atlanta, Georgia in 2010 B) the market value of the jet fuel bought by Delta to use for its flights in 2010 C) the market value of restaurant meals sold in 2010 D) the value of the automobiles produced in 2010 at the Toyota plant located in Georgetown, Kentucky E) legal services provided to first time home buyers during 2010