Which of the following would most likely promote competitive pricing of products?
A) Robinson-Patman Act
B) Wheeler-Lea Act
C) Federal Trade Commission Act
D) Clayton Act
Answer: D
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Which of the following statements is TRUE?
A) A Cobb-Douglas production function can have different returns to scale at different output levels. B) It is impossible to have increasing returns to scale for one output level, and decreasing returns to scale for a different output level. C) It is possible to have increasing returns to scale for one output level, and decreasing returns to scale for a different output level. D) None of the above.
In a competitive industry in the long-run, it is likely that
A. all firms giving their best effort will have the same LAC regardless of location or the unique skills of some workers. B. only one large efficient firm can survive. C. firms with the advantage of location or an especially skilled work crew will be the lone survivors in equilibrium. D. the firms with the poorest location will be the lone survivors in equilibrium because their location cost will be lowest.
If Ricardian equivalence holds, the current account will deteriorate in response to.
(a) a tax cut. (b) a temporary increase in government purchases. (c) a tax increase. (d) a permanent increase in government purchases.
Use consumer indifference curves and budget lines to show the optimal consumption curves for a normal good and for an inferior good. (Use two graphs.) Be sure your graphs are completely and correctly labeled.
What will be an ideal response?