The Federal Trade Commission
a. prevents mergers that substantially lessen competition.
b. rules on the antitrust activities of labor unions.
c. issues patents.
d. polices deceptive advertising.
d. polices deceptive advertising.
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Refer to Exhibit 7-5. During year 3, Country Z experienced economic _____________ and _________________.
A) decline; deflation (falling price level) B) growth; inflation (rising price level) C) growth; deflation (falling price level) D) decline; inflation (rising price level)
Brad ate four bags of chips at the baseball game. The first bag tasted best, but he found that as he ate more chips the amount of extra satisfaction he was receiving was beginning to fall. This would demonstrate
A) the law of total utility maximization. B) the law of zero utility. C) the law of diminishing marginal utility. D) the law of diminishing costs.
Why do monopolistic ally competitive firms spend funds for product differentiation and advertising when this practice only adds to the firm’s costs?
What will be an ideal response?
When quantity supplied is very responsive to a change in price, supply is
A. elastic. B. income sensitive. C. unit-elastic. D. inelastic.