Which of the following does NOT describe the intended purpose of the antitrust laws of the United States?
A. to prohibit certain economic activities that promote trade
B. to reduce the power of monopolies
C. to promote competition within the economic system
D. to restrict the formation of monopolies
Answer: A
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A consumer has $50 to spend. He has to decide between buying two goods: magazines priced at $5 each and DVDs priced at $10 each. Which of the following combinations of the two goods will exactly satisfy his budget constraint?
A) 3 magazines and 4 DVDs B) 2 magazines and 4 DVDs C) 6 magazines and 1 DVD D) 2 magazines and 2 DVDs
A firm has an incentive to decrease supply now and increase supply in the future if it expects that
A) the price of its product will be lower in the future than it is today. B) more firms will enter the market in the future. C) the price of its product will be higher in the future than it is today. D) the prices of inputs used to produce the product will rise in the future.
As an individual consumes more of a good, the marginal utility of that good declines
a. True b. False Indicate whether the statement is true or false
Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income
a. True b. False Indicate whether the statement is true or false