The higher the opportunity cost of making a new friend, the more likely one is to make a new friend, ?ceteris paribus?
Indicate whether the statement is true or false
False
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Government antitrust laws were designed to
a. encourage the production of public goods b. prevent natural monopolies c. prevent collusion among firms d. regulate natural monopolies e. correct the outcomes of positive and negative externalities in private markets
The patent system gives firms greater incentive to engage in research and other activities that advance technology
a. True b. False Indicate whether the statement is true or false
Which of the following are the elements generally found in an inflation gap?
a. producing beyond normal capacity; high unemployment, high wages; low prices b. producing beyond normal capacity; low unemployment, high wages; high prices c. producing below normal capacity; high unemployment, high wages; high prices d. producing below normal capacity; low unemployment, low wages; high prices
Opening an industry to international competition tends to:
A. increase the incidence of lazy monopolists. B. force lazy monopolists to increase efficiency. C. increase X-inefficiency. D. raise a monopolist's profit as the price is driven up.