Which of the following acts outlawed selling products at "unreasonably low prices" with the intent of reducing competition?
A. Robinson-Patman Act
B. Wheeler-Lea Act
C. Sherman Act
D. FTC Act
Answer: A
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In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good
a. The population increases and productivity increases. b. Income increases and the price of inputs decrease. c. The number of firms in the market decreases and income increases. d. Consumer preference increases and the price of a complement decreases. e. The price of a substitute in consumption decreases and the price of a substitute in production decreases.
Refer to the above graphs. Which pairs of budget constraints represent only a decrease in the price of good A, but no change in income or change in the price of good B?
A. Graph A B. Graph B C. Graph C D. Graph D
Which of the following statements is TRUE about the price that a monopolist charges?
A) The price is the same as the price that would be charged if there was perfect competition. B) The difference between the price charged by a monopolist and a perfect competitor is due to differences in costs. C) The value that society places on the last unit produced in a monopoly is greater than its cost. D) Too much of the good is being produced in a competitive market and not enough is being produced in a monopoly. Due to the way that prices are set.
If policymakers are aggressive in keeping current inflation near the target inflation rate then the monetary policy reaction curve will:
A. be steep. B. have an undefined slope. C. be flat. D. be vertical.