Refer to the data. When two workers are employed:
A. total product is 20.
B. total product is 18.
C. average product is 10.
D. total product cannot be determined from the information given.
B. total product is 18.
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In U.S. v. Addyston Pipe and Steel Company (1898), the Supreme Court ruled that
a. horizontal mergers were a violation of the Sherman Act. b. vertical mergers were a violation of the Sherman Act. c. collusive agreements among competing firms were a violation of the Sherman Act. d. mergers that created "corporate monoliths" were a violation of the Sherman Act.
People who always choose not to participate in fair games are called:
a. risk takers. b. risk averse. c. risk neutral. d. broke.
The discount rate is typically:
A. higher than federal funds rate. B. lower than federal funds rate. C. about the same as federal funds rate. D. determined by the government, and does not correlate with other interest rates.
In a market supply and demand graph, the socially efficient outcome occurs
a. Where the private marginal benefits intersect with the social marginal costs b. Where the private marginal benefits intersect with the private marginal costs c. Where the social marginal benefits intersect with the social marginal costs d. Where the social marginal benefits intersect with the private marginal costs e. Where externalities are maximized