Which act specifically outlawed price discrimination when such discrimination is not justified on the basis of cost differences and when it reduces competition?
A. Sherman Act
B. Clayton Act
C. Wheeler-Lea Act
D. Federal Trade Commission Act
B. Clayton Act
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Use the following table, which lists output quantities and prices for the only three goods in the economy, to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250The Consumer Price Index for the year 2008 is
A. 180.5. B. 126.5. C. 171.5. D. 147.5.
In Sewei's lawnmowing business, in order to produce each mowed lawn, Sewei must hire exactly one unit of capital (a lawnmower) and exactly one unit of labor. Describe the elasticity of substitution between labor and capital
What will be an ideal response?
In the IO perspective it is important to enter an industry with
a. High barriers to entry b. Differentiated products c. Small number of competing firms of different sizes d. All of the above
According to the circular flow model, expenditures by one person translate:
A. directly into income for someone else. B. indirectly into the value of that person's time. C. indirectly into the household's budget. D. directly into his or her income.