The Robinson-Patman Act is primarily concerned with:
a. mergers.
b. price fixing.
c. price discrimination.
d. monopoly.
e. unfair and deceptive practices.
c
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During the contraction phase of the business cycle,
a. prices fall relative to costs, reducing profit margins. b. costs fall relative to prices, reducing profit margins. c. prices fall relative to costs, increasing profit margins. d. costs fall relative to prices, increasing profit margins.
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000.
When the firm uses 40 units of labor, what is marginal cost at this level of output?
A. $55 B. $70 C. $60 D. $35 E. $280
Assuming a market rate of interest equal to 7 percent, what is the present value of $200 to be received one year from today?
A) $123 B) $156 C) $187 D) $210
What are five economic shocks that may cause business cycles?
What will be an ideal response?