Which political philosophy believes that the government should equalize the incomes of all members of society?
a. Utilitarianism.
b. Liberalism.
c. Libertarianism.
d. None of the above is correct.
d
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In an industry with a large number of firms,
A) each firm will produce a large quantity, relative to market demand. B) one firm will dominate the market. C) collusion is impossible. D) competition is eliminated. E) barriers to exit must exist.
Campbell Soup agrees to sell its brand to a grocery chain only if the chain also agrees to buy a minimum number of cases of its V-8 juice. This is an example of:
a. a resale price maintenance agreement. b. a tying agreement. c. exclusive dealing. d. price discrimination.
Martha lives near a paper mill. If she is concerned about the effects of the air pollution from the plant, she should contact which regulatory agency?
A. Consumer Product Safety Commission (CPSC) B. Environmental Protection Agency (EPA) C. Food and Drug Administration (FDA) D. Occupational Safety and Health Administration (OSHA)
A price ceiling is
A. a minimum price set by government that sellers may charge for a good. B. the minimum price that consumers are willing to pay for a good. C. the difference between the initial equilibrium price and the equilibrium price after a decrease in supply. D. a maximum price set by government that sellers may charge for a good.