Which of the following pieces of legislation is NOT aimed at curbing the negative effects of asymmetric information?
A. Securities and Exchange Act
B. Lanham Act
C. Robinson-Patman Act
D. Truth in Lending Simplification Act
Answer: C
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When the production possibilities curve shifts outward,
A) the price level rises in the long run. B) the long-run aggregate supply curve is unchanged. C) the long-run aggregate supply curve shifts to the left. D) the long-run aggregate supply curve shifts to the right.
What will be the principal and most immediate effect on the supply or demand for raw cotton grown in the United States if the price of synthetic textiles declines?
A) Decrease in demand B) Decrease in supply C) Increase in demand D) Increase in supply
A study of the effects of the minimum wage on employment of low-skilled workers estimated the price elasticity of demand for low-skilled workers is -0.75
Suppose that the government is considering raising the minimum wage from $7.25 per hour to $7.75 per hour. Based on this information, calculate the percentage change in the employment of low skilled workers. Use the midpoint formula.
When mark-up equals 50% and AC = MC, then demand elasticity will be
A) -1. B) -1.5. C) -2. D) -3.