Which of the following justifies the federal government's role in antitrust enforcement?
A. Public goods and externalities.
B. Market power.
C. Inequity.
D. Macro failure.
Answer: B
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Excess capacity arises when firms cannot sell all of their output at the current market price
a. True b. False
The cost disease of personal services stems primarily from the fact that
a. prices rise too slowly to provide public receipts. b. inflation has been with us since the early 1970s. c. personal service requires direct contact between producer and consumer. d. sellers of personal services have strong unions.
If the U.S. economy is experiencing falling price levels, the
a. expenditure schedule will shift downward. b. expenditure schedule will shift upward. c. slope of the expenditure schedule increases. d. slope of the expenditure schedule decreases.
A quota raises the price of the product on which the quota has been placed, decreases consumers' surplus, increases producers' surplus, and generates tariff revenue for the government
Indicate whether the statement is true or false