Which agency was created by Congress in 1914 to investigate and regulate unfair methods of competition?
a. the Department of Justice
b. the Federal Trade Commission
c. the Interstate Commerce Commission
d. the General Accounting Office
e. the Council on Competitiveness
B
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Optimal resource allocation is achieved if P = MC
Indicate whether the statement is true or false
Recall the Application about the use of fertilizer and its impact on crop yields to answer the following question(s). The table is taken from this Application.
Bags of Fertilizer Bushels of Corn0851120213531444147Refer to the table above. The farmer increased his total production of corn by 9 bushels per acre after applying:
A. the first bag of fertilizer. B. the second bag of fertilizer. C. the third bag of fertilizer. D. the fourth bag of fertilizer.
The type of advertising that is used to induce a consumer to discover a previously unknown taste for an item is known as
A. experience advertising. B. persuasive advertising. C. false advertising. D. informational advertising.
If consumers cannot readily switch to a close substitute when the price of a good increases, the demand for that good is likely to be:
A. unit elastic. B. perfectly elastic. C. inelastic. D. elastic.