Antitrust laws prohibit undesirable business practices by firms holding monopoly power.
Answer the following statement true (T) or false (F)
True
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If input prices increase, the supply curve for cheese will shift to the right
a. True b. False Indicate whether the statement is true or false
If a consumer purchases more of a product, then most likely the marginal utility of _____
a. that product decreases b. that product remains the same c. other products decrease d. other products increase e. that product increases
A favorable supply shock shifts the short-run Phillips curve
a. right and inflation rises. b. right and inflation falls. c. left and inflation rises. d. left and inflation falls.
If the market mechanism causes the economy to arrive at the wrong mix of output, there is:
A.) Market failure. B.) Mixed economy failure. C.) Government failure. D.) Laissez faire.