The view that the mere possession of monopoly power is a violation of the antitrust laws, as in the Alcoa case of 1945, suggests that the application of antitrust laws should be based on industry:
A. Behavior
B. Size
C. Efficiency
D. Structure
D. Structure
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Which of the following would create a natural monopoly?
A) ownership of all the available units of a necessary input B) an exclusive right granted to supply a good or service C) requirement of a government license before the firm can sell the good or service D) technology enabling a single firm to produce at a lower average total cost than two or more firms E) a patent granted the producer of the good or service
The best measure of the standard of living is
A) real GDP per capita. B) real GDP. C) nominal GDP per capita. D) nominal GDP.
What is the principal reason that economists give for the existence of deflationary and inflationary gaps?
a. Wages are flexible in the short run. b. Wages are flexible in the long run. c. Wages are fixed in the long run. d. Wages are fixed in the short run.
If we can conclude that human life has a finite value, cost-benefit analysis can lead to solutions in which human life is worth less than the cost of a potential project
a. True b. False Indicate whether the statement is true or false