Which of the following companies was NOT broken up by the government?
A. Standard Oil
B. AT&T
C. American Tobacco
D. Office Depot
Answer: D
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In the above figure, Brendan originally consumes at point A. If his income rises and both compact discs and haircuts are normal goods then he will begin consuming at a point such as
A) F. B) B. C) C. D) D.
The slope of a vertical straight line is infinity
a. True b. False
If a new entrant (or an established firm) wants to leave a contestable market,
a. all, or nearly all of, the invested capital values can be recovered. b. another firm will always enter to take its place. c. it must accept large losses in its capital investment, so it is unlikely to exit. d. its leaving will be contested by regulators in the market who seek to prevent exit.
Suppose workers notice a fall in their nominal wage but are slow to notice that the price of things they consume have fallen by the same percentage. They may infer that the reward to working is
a. temporarily low and so supply a smaller quantity of labor. b. temporarily low and so supply a larger quantity of labor. c. temporarily high and so supply a smaller quantity of labor. d. temporarily high and so supply a larger quantity of labor.