The government has used the Sherman Act to break up monopolies in which of the following industries?
A. Coal
B. Fishing
C. Trucking
D. Tobacco
Answer: D
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Explain the prisoner's dilemma case in game theory and its relevance to the maximin criterion
Maintaining objectivity is easiest in:
A. the art of economics. B. positive economics. C. normative economics. D. subjective economics.
Suppose the inverse market demand is given by P = 150 ? 2Q. If the incumbent continues to produce 10 units of output, which of the following equations best summarizes the potential entrant's residual demand curve?
A. P = 75 ? 0.5Q B. P = 130 ? 2Q C. P = 150 ? 4Q D. P = 130 ? Q
Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's:
A. ATC is $35. B. ATC is $57. C. total cost is $270. D. total cost is $30.