How can inventions such as cellular phones affect the government's antitrust policies?
(A) The technology causes the need for stricter regulation than before.
(B) Government rules can allow higher charges than competition.
(C) People using the technology do not want antitrust regulations.
(D) They can mean that the need for regulation no longer exists.
Ans: (D) They can mean that the need for regulation no longer exists.
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If the cross elasticity of demand between goods X and Y is positive and between goods X and Z is negative, then X and Y are ________ and X and Z are ________
A) price inelastic; complements B) complements; substitutes C) substitutes; complements D) price inelastic; income elastic
Which of the following is the BEST example a public good?
A) a parking space B) a car C) a stop sign D) a toll road
Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies.
Answer the following statement true (T) or false (F)
For a firm to maximize total profits through price discrimination, it should
a. Charge a high price to consumers with an inelastic demand and low price to consumers with an elastic demand b. Charge a low price to consumers with an inelastic demand and high price to consumers with an elastic demand c. Charge the same price to both sets of consumers d. Charge nothing to both set of consumers-throw a party