A tariff
A) makes everyone worse off.
B) makes domestic consumers better off.
C) makes domestic producers better off.
D) makes both domestic producers and consumers better off.
Answer: C) makes domestic producers better off.
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Four firms agree to operate as a monopoly and charge the monopoly price of $10 for their product and (jointly) produce the monopoly quantity of 50,000 units. If the competitive price for the product is $6, under the Clayton Act these four firms face treble damages of ________.
A) $600,000 B) $1,000,000 C) $3,000,000 D) $200,000
Given the scenario described, if the market price of hammers increased from $8 to $14, total producer surplus would:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. increase from $8 to $14. B. increase from $1 to $12. C. decrease from $14 to $8. D. increase from $7 to $30.
A standard way to measure income mobility is to compare:
A. people's income to their parents' income. B. people's income at the beginning of their work-life to their income when they retire. C. the education level of people to that of their parents'. D. None of these is a standard way to measure income mobility.
Considering the concept of rational behavior, which of the following requests will likely get the most help?
a. Could you call me at your convenience to give me tips about investing? b. Could you meet with me right away to give me investment advice? c. Could you provide me with a detailed list of investment advice as soon as possible? d. Could you drive 20 miles to my house to give me investment advice?