The purpose of antitrust policy is to encourage competition in an industry.
Answer the following statement true (T) or false (F)
True
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If prices in the current year are higher on average than in the base year, real GDP in the current year ________ nominal GDP in the current year.
A. is equal to B. could be greater than or less than C. is greater than D. is less than
You are told that the price elasticity of demand for widgets is -0.75, the income elasticity of widgets is 2, and the cross-price elasticity of widgets and gadgets is 4. Carefully explain what information you can gather from each of these figures
What will be an ideal response?
When Jack consumes the first bottle of water, his utility increases by 20 utils. The second bottle of water increases his utility by 18 utils, and the third bottle of water increases his utility by 15 utils. This implies that the marginal utility of the second bottle of water is _____
a. 15 utils b. 18 utils c. 20 utils d. 24 utils
Compared to the no-trade situation, when a country exports a good,
a. domestic consumers gain, domestic producers lose, and the gains outweigh the losses. b. domestic producers gain, domestic consumers lose, and the gains outweigh the losses. c. domestic consumers gain, domestic producers lose, and the losses outweigh the gains. d. domestic producers gain, but domestic consumers lose an equal amount.