Antitrust law
a. protects consumers from fraud or similar harm
b. helps define resource ownership
c. is designed to enforce contracts
d. helps prevent firms from limiting competition
e. cannot be used to increase economic efficiency
D
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Refer to the figure above. When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the market if the price is $7?
A) 10 units B) 20 units C) 50 units D) 60 units
How has U.S. real GDP per person changed over the last 100 years?
What will be an ideal response?
Do firms really seek to maximize profits?
What will be an ideal response?
A cigar factory employs 20 workers and produces 1,000 cigars a day. The company reduces the workforce to 19 workers and produces 912 cigars a day. The 20th worker:
A. had a marginal product of 88 cigars. B. caused average product to fall. C. must have had a lower marginal product than the 19th worker. D. All of these are true.