Trusts were groups of firms that acted together to raise prices above competitive levels
a. True
b. False
Indicate whether the statement is true or false
True
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Steel producers lobbying to keep imports out is an example of:
A. objective cost-benefit analysis. B. rent-seeking behavior. C. rational ignorance. D. corruption.
Proponents of a command economy argue that it promotes:
a. efficiency. b. equity. c. consumer sovereignty. d. economic growth.
One of the disadvantages of an organization which has a matrix structure is that :
a. each individual reports to one boss, causing excess flow of information to one individual. b. flow of information is difficult when operations are so highly diversified. c. each individual has two bosses whose interests may not be aligned. d. there are limits to the information a firm's headquarters can use effectively in making decisions.
If product demand decreases and product price decreases,
A. the marginal revenue product curve will shift to the right. B. the marginal revenue product curve will shift to the left. C. the firm will move up the marginal revenue product curve and hire fewer units of the input. D. the firm will move down the marginal revenue product curve and hire more units of the input.