The 1890 Sherman Antitrust Act makes it illegal for firms to:
a. raise prices in an attempt to increase profits.
b. engage in tacit collusion.
c. engage in price discrimination.
d. behave together like a monopolist.
Ans: d. behave together like a monopolist.
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If the complicated technology costs $10million to develop while the simple technology costs $2million to develop, which technology is more profitable to develop?
a. The simple voice-activated software b. The complicated thought-activated software c. Neither of the software d. Need more information
If substantial economies of scale exist, setting price = MC will
a. result in a loss for the firm b. result in an excess profit earned c. yield a normal profit d. cause the firm to produce more than the optimal number of goods e. cause the firm to charge lower than the optimal price
The market price equals the equilibrium price if quantity demanded equals quantity supplied at the market price.
Answer the following statement true (T) or false (F)
The property rights approach to environmental issues often becomes highly relevant in cases involving _______ .
A. greenhouse gas emissions B. harmful affects of acid rain C. endangered species D. fresh water resources