If people want more cars than there are cars available, then it is necessarily true that
A) cars are scarce.
B) there is a surplus of cars.
C) there is a decreased supply of cars.
D) none of the above
A
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The federal courts are increasingly willing to tolerate resale price maintenance agreements between manufacturers and retailers
A) when they are necessary to prevent predatory pricing. B) when they enable small businesses to survive more profitably. C) when they provide retailers with incentive to supply customer services desired by manufacturers. D) whenever both parties voluntarily agree on them. E) whenever they are necessary to cover sunk costs.
Suppose a valley periodically floods. A dam can be built in the river that would prevent the flooding. Explain how flood control provided by building the dam arguably fits the characteristics of a public good
What will be an ideal response?
An actress sets off a craze for wearing work boots among her fans. What factor is affecting demand?
a. consumer expectation b. consumer taste c. complements d. substitutes
Price-fixing:
A. is prohibited by Section 7 of the Clayton Act. B. is a per se violation of the antitrust laws. C. may be either legal or illegal depending on whether or not it produces above-normal profits. D. is illegal under terms of the Federal Trade Commission Act.