Government agencies may fail to identify anticompetitive behavior if
A. competitors have been forced out of business due to inefficient production and the inability to keep prices low.
B. dominant firms raise prices to keep rivals competitive.
C. cartel members decide to disinherit a member firm.
D. Wall Street supports lower prices.
Answer: A
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Banks can lower the cost of information production by applying one information resource to many different services. This process is called
A) economies of scale. B) asset transformation. C) economies of scope. D) asymmetric information.
The marginal rate of technical substitution is equal to:
A) the absolute value of the slope of an isoquant. B) the ratio of the marginal products of the inputs. C) the ratio of the prices of the inputs. D) all of the above E) A and B only
Medical authorities announced in the late 1980s that an acne medicine named Retin-A also had previously unknown wrinkle-reducing properties. An economist would expect to find that, after this announcement, the price of Retin-A ____ and the quantity sold ____
a. rose; fell b. rose; rose c. fell; fell d. fell; rose
If the government of Venezuela made policy changes that increased national saving, the real exchange rate of the peso would
a. depreciate and Venezuelan net exports would rise. b. depreciate and Venezuelan net exports would fall. c. appreciate and Venezuelan net exports would rise. d. appreciate and Venezuelan net exports would fall.