All Honolulu law enforcement personnel must go through the same training program, but law enforcement personnel assigned to guard the capital building earn 15% less than law enforcement personnel assigned to the homicide division. This 15% difference in pay is an example of a ________ differential.
A. transfer payment
B. human capital
C. compensating
D. utility
Answer: C
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Consumer groups tend to lobby for
A) price floors. B) price ceilings. C) quantity quotas. D) taxes.
The definition of a price taker is:
A. having market power. B. having no control over the market price. C. being competitive. D. having government determine what you sell goods and services for.
Barriers to entry in a perfectly competitive industry
a. are nonexistent b. are impossible to overcome c. are possible to overcome, but more difficult an obstacle to entry than are barriers in monopolistic competition d. result from patents and economies of scale e. are essentially financial rather than technical
The Sherman Antitrust Act of 1890 is the federal antitrust law that prohibits:
A. monopolization and conspiracies to restrain trade. B. mergers the substantially lessen competition. C. exclusive dealing, tying contracts, and interlocking directorates. D. unfair methods of competition in commerce.