Horizontal contracts often
a. Increase competition between substitute products
b. Eliminate competition between substitute products
c. Do not change the competition between substitute products
d. None of the above
b
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Buying a monopoly from the existing owner does not ensure an economic profit because
A) the market for monopolies is a monopoly. B) competition among buyers drives up the cost of buying the firm. C) profits equal zero in the long run anyway. D) of the deadweight loss triangle.
In the above table, what is the marginal physical product of worker 2?
A. 18 B. 9 C. 10 D. 11
Sue is maximizing her utility. Her MUx/Px = 10 and MUy = 40. Then the price of Y must be
A. $1. B. $4. C. $10. D. $40.
The Fed can change the money supply by buying or selling long-term Treasury bonds. Purchasing long-term securities is commonly called
A) open market operations. B) quantitative easing. C) discount operations. D) federal funds speculation.