One main difference in the rulings on the 1945 Alcoa case and the 1956 Dupont cellophane case is that the Alcoa case:
A. Focused on structure whereas the Dupont case focused on behavior
B. Focused on behavior whereas the Dupont case focused on structure
C. Defined the market broadly whereas the Dupont case defined the market narrowly
D. Defined the market narrowly whereas the Dupont case defined the market broadly
D. Defined the market narrowly whereas the Dupont case defined the market broadly
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A firm’s total profit is the difference between its sales and what it pays out in costs.
Answer the following statement true (T) or false (F)
In the long run, profit-maximizing monopolists facing a downward-sloping demand curve
A. can obtain profits greater than their opportunity costs of capital. B. can produce where average total costs are minimized C. can have a price that is the same as marginal revenue. D. All of these responses are correct.
One advantage of a money system compared to a barter system is that
a. barter never works. b. money creates the need for banks. c. money is more efficient. d. everyone has money.
When the money market is drawn with the value of money on the vertical axis, the price level decreases if
a. either money demand or money supply shifts right. b. either money demand or money supply shifts left. c. money demand shifts right or money supply shifts left. d. money demand shifts left or money supply shifts right.