In recent years, the average prison sentence for managers convicted of violating the Sherman Act is ________ years.
A) five B) two C) three D) ten
B) two
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Refer to Common Property II. If the common property is privately owned, the surplus to the consumers is
a. Area I b. Area I + F + G c. Area I + F + G + H d. zero.
Everything else held constant, an increase in the money market fund ratio will result in ________ in the M1 money multiplier and ________ in the M2 money multiplier
A) an increase; an increase B) no change; an increase C) a decrease; a decrease D) no change; a decrease
Suppose a monopolistically competitive industry evolved into a perfectly competitive industry. Which of the following statements is correct?
A) The industry would produce more output and charge a lower price after the change. B) The industry would produce at decreasing returns to scale. C) Elasticity of demand for the firm's product would remain the same after this change occurred. D) This industry would produce the same level of output at lower prices in the long run than before the change.
For economic efficiency, which of the following conditions should be met?
a. Scarcer goods should have lower prices. b. More abundant goods should have lower prices. c. More abundant goods should have higher prices. d. All goods should have equal prices.