One of the most notable features of the main provisions of the Sherman Act is that they are:
A. strict.
B. weak.
C. vague.
D. obsolete.
C. vague.
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Suppose price increases from $9.00 to $11.00. Using the mid-point formula, the percentage change in price is:
A. 20% B. 25% C. 20% D. 2%
The size of the reduction in quantity of labor hired by a firm due to an increase in the wage rate depends upon all of the following except:
a. what percentage of total costs are made up of labor costs. b. how much quantity demanded in the output market will be reduced by a higher price. c. the capital to labor ratio before the wage increase. d. how easily other inputs can be substituted for labor.
The major determinant of an individual's income is
a. whether or not his family is wealthy. b. his personality-if the coworkers and the boss like him. c. how productive he is combined with demand for what he produces. d. if he earns a salary or if he is paid by the hour.
A firm estimates its long-run production function to beQ = -0.0075K3L3 + 12K2L2Suppose the firm employs 12 units of capital. Average product when 10 units of labor are employed is
A. 12,248 B. 15,984 C. 30,672 D. 14,287 E. 13,142