How do workers typically express self-interest?
A. By minimizing the economic losses of other business firms.
B. By maximizing the economic profits of other business firms.
C. By seeking jobs with the best combination of wages and benefits.
D. By seeking the highest price when purchasing a consumer product.
Answer: C
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The Celler-Kefauver Act was passed because the Clayton Act had not been effective against mergers
a. True b. False Indicate whether the statement is true or false
Consider a game of the "Jack and Jill" type in which a market is a duopoly and each firm decides to produce either a "high" quantity of output or a "low" quantity of output. If the two firms successfully reach and maintain the cooperative outcome of the game, then
a. both the combined profit of the firms and total surplus are maximized. b. the combined profit of the firms is maximized but total surplus is not maximized. c. the combined profit of the firms is not maximized but total surplus is maximized. d. neither the combined profit of the firms nor total surplus is maximized.
If labor and capital are underemployed, then an increase in government spending:
A. would have no impact on GDP. B. would increase GDP by exactly the increase in government spending. C. would increase GDP by more than the increase in government spending. D. would increase GDP by less than the increase in government spending
Above-normal profits earned by existing firms in a perfectly competitive market will eventually lead to:
a. exit of the firms from the market. b. an increase in the market price of the good. c. entry of new firms into the market. d. a decrease in the aggregate supply. e. the existing firms emerging as price makers.