Which of the following is the best example of a perfectly competitive firm?
A) a corn farmer in Illinois
B) a Taco Bell restaurant
C) the Ford Motor Company
D) United Parcel Service (UPS)
Answer: A
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Antitrust lawsare designed to promote competition.
Answer the following statement true (T) or false (F)
Economies of scope often occur because
A) a production facility can be used to produce more than one product. B) it forces firms to search for economies of scale. C) it enhances the ability to find market niches. D) managers are able to multi-task in product markets
As long as prices are rising over time, then
a. the nominal interest rate exceeds the real interest rate. b. the real interest rate exceeds the nominal interest rate. c. the real interest rate is positive. d. the nominal interest rate is a better indicator than the real interest rate of how fast the purchasing power of your bank account is changing over time.
Karl Marx believed in which of the following?
A. Controlling political power was more important than controlling the ownership of capital with respect to dominating a society. B. In capitalist societies, a business owner makes huge profits by raising workers wages. C. Whoever controlled a society's labor supply controlled that society. D. Inevitably there would be a clash between capitalists and workers.