Federal antitrust laws in the United States are enforced
A) solely by the Federal Trade Commission.
B) solely by the Department of Justice.
C) by the Department of Justice and by the Federal Trade Commission.
D) by the Department of Commerce.
Answer: C
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Several national fast-food chains offer "kids' meals" with free giveaway toys, something many independent, local establishments cannot afford to do. The national chains are
A) engaging in predatory pricing. B) selling meals below cost. C) distributing toys below cost. D) engaging in anti-competitive behavior because the independents cannot afford to give away toys. E) almost certainly doing none of the above.
Borem is a big fan of wine from Trader Moe's. Moe's sells a high-quality expensive wine and a cheap low-quality wine. Borem buys both types but tends to buy more bottles of the cheaper wine
Borem later moves to a new city where he must drive a long distance to get his wine at Trader Moe's. Assuming the income effect is small, and that Borem still buys his wine from Moe's, how is he going to change his relative consumption of the expensive and cheap wines?
A firm has no fixed factors of production in
A. the short run. B. the long run. C. the short run and in the long run. D. neither the short run nor the long run.
A non-discriminating monopolist's price equals its marginal revenue only when
A. marginal revenue is zero. B. output is zero. C. total revenue is a maximum. D. the monopolist's demand schedule intersects the horizontal (quantity) axis.