Section 1 of the Sherman Antitrust Act makes it illegal to
A) form a monopolistically competitive firm.
B) restrain trade.
C) price discriminate.
D) have an oligopoly.
Answer: B
Economics
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An efficient allocation of resources is reached in the figure above when output equals
A) 1 million. B) 2 million. C) 3 million. D) 4 million.
Economics
What are the three decisions that all firms must make?
What will be an ideal response?
Economics
What is the economies of scope character for a firm that has a straight-line product transformation curve?
A) Economies of scope (SC > 0) B) Diseconomies of scope (SC < 0) C) SC = 0 D) SC = 1
Economics
The wage rate is
A. Not related to labor supply because people must work to survive. B. The payment for labor. C. Not related to the value of leisure because people need to relax. D. The opportunity cost of labor.
Economics