Table 25.2Pool SweeperOutput (Revenue)Market Share (%)North Star$20,000 Hurricane$16,000 Blue Lagoon$2,000 Clean Sweep$2,000 Refer to Table 25.2. Assume there are only four firms in the pool sweeper industry. The U.S. Justice Department would most likely
A. Not allow any mergers among firms in this industry.
B. Allow a merger between Blue Lagoon and Clean Sweep.
C. Allow a merger between North Star and Blue Lagoon.
D. Allow a merger between Hurricane and Blue Lagoon.
Answer: A
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Figure 33-1
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Which of the following is true about the economy depicted in Figure 33-1?
A. Economy is experiencing supply-side inflation. B. Policymakers have chosen to fight inflation rather than unemployment. C. The increase in aggregate demand has increased prices but not real GDP. D. The slope of the aggregate supply curve embodies the trade-off between unemployment and inflation.
A decrease in demand and an increase in supply will lead to
A) an unambiguous decrease in quantity, but the effect on price is indeterminate. B) an unambiguous decrease in price, but the effect on quantity is indeterminate. C) unambiguous decreases in both price and quantity. D) unambiguous increases in both price and quantity.
"Free riding" is a characteristic of which type of good?
A) a private good B) a good that is both rival and excludable C) a public good D) a common resource
The demand for union labor is usually determined by
a. the number of union members. b. the strength of the union. c. the total value of the union labor in the production process. d. market conditions outside the union's direct control.