Economists who adhere to the laissez-faire antitrust perspective:
A. view competition as a long-run dynamic process in which firms battle for dominance of
markets but rarely can sustain such dominance once it is achieved.
B. believe the antitrust laws are as important today as they were when they were passed in
the early 1900s.
C. say that an industry's structure, which is based on economies of scale, usually predicts the
behavior of the industry firms.
D. contend that large, dominant firms should be broken into smaller competitive firms and
then government should stand back and let competition prevail.
Answer: A
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Wendell can sell five motor homes per week at a price of $22,000. If he lowers the price of motor homes to $20,000 per week he will sell six motor homes. What is the marginal revenue of the sixth motor home?
A) $10,000 B) $12,000 C) $20,000 D) $22,000
If the exchange rate moves from 10 Mexican pesos per U.S. dollar to 8 Mexican pesos per U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.
A. depreciated; appreciated B. depreciated; depreciated C. appreciated; appreciated D. appreciated; depreciated
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
If average cost is above marginal cost, average cost must be falling.
Answer the following statement true (T) or false (F)