An example of a public policy response to a monopoly is:
A. doing nothing.
B. public ownership.
C. antitrust laws.
D. All of these are examples.
Answer: D
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A firm facing a horizontal demand curve: a. cannot affect the price it receives for its output
b. is unlikely to price its goods below market price. c. faces a perfectly elastic demand curve for its product. d. is characterized by all of the above.
If the United States could produce 4 tons of potatoes or 2 tons of wheat per worker per year, while Ireland could produce 3 tons of potatoes or 2 tons of wheat per worker per year, the country with the comparative advantage in producing potatoes is ____ and the country with the absolute advantage in producing potatoes is ____
a. the United States; the United States b. the United States; Ireland c. Ireland; the United States d. Ireland; Ireland
During a discussion with fellow economics students, Oliver emphasized the fact that prices and wages are sticky and they do not adjust quickly. Which of the following macroeconomic perspectives has most likely had the greatest influence on Oliver?
a. Classical b. Keynesian c. Neo Keynesian d. Neoclassical
Suppose that your firms marginal cost of producing a pencil is 5 cents and the average cost of producing a pencil is 3 cents. if your firm is interested in minimizing average total cost, what should your firm do?