All of the following are true regarding the Sherman Act except which one?
A) It condemns the act of becoming a monopoly.
B) It addresses both monopolies are cartels.
C) It was the second major piece of antitrust legislation.
D) It condemns the act of trying to become a monopoly.
C) It was the second major piece of antitrust legislation.
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The price of a gallon of gasoline in Bonland is $3.20. However, just before the election, the government decides to fix the price of gasoline at $2.80 per gallon. This is an example of a ________
A) positive externality B) negative externality C) price floor D) price ceiling
Which of the following statements is correct?
A) Arc elasticity of demand is the same as the slope of the demand curve. B) Arc elasticity of demand only applies to a nonlinear demand curve. C) Point elasticity of demand is measured at each point along a demand curve. D) Point elasticity of demand is measured between two adjacent points on a demand curve.
Another term for the equilibrium price is
A) excess demand. B) nominal price. C) law of demand. D) market clearing price.
Generally, as a movie theater adds more screens its average costs fall. The movie theater can be said to experience
a. declining profit b. higher prices c. diseconomies of scale d. economies of scale e. diminishing marginal returns