About how much U.S. and European trade is intra-industry?
a. 40%
b. 50%
c. 60%
d. 70%
c. 60%
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Which of the following situations will arise in the domestic market following the imposition of an import ban?
A) imports decrease, domestic production increases, prices increase B) imports increase, domestic production increases, prices increase C) imports increase, domestic production decreases, prices decrease D) imports decrease, domestic production increases, prices decrease
An individual firm hiring labor in a competitive labor market faces a(n)
a. horizontal supply curve of labor b. backward-bending supply curve of labor c. downward-sloping supply curve of labor d. upward-sloping supply curve of labor e. vertical supply curve of labor
The Sherman Antitrust Act
a. was passed to encourage judicial leniency in the review of cooperative agreements. b. was concerned with self-interest dominated Nash equilibriums in prisoners' dilemma games. c. enhanced the ability to enforce cartel agreements. d. restricted the ability of competitors to engage in cooperative agreements.
Which of the following ultimately must decide what externalities should be addressed?
A. Consumers B. Firms C. The market D. Government