All of the following actions are potential rule -of-reason violations except which one?
A) a firm's agreement with a customer about the markets in which the customer is allowed to resell the product
B) a firm's agreement with a customer about the resale price of its product
C) a tying sale with a customer
D) an agreement with a competitor firm to divide the market
D) an agreement with a competitor firm to divide the market
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In an auction, ________
A) buyers set the price of a good B) the seller sets the price of a good C) the government sets the price of a good below its market price D) the government sets the price of a good above its market price
Marginal decision-making is best demonstrated by: a. choosing to spend one more hour studying economics because the improvement in scores on the next quiz will be worth the sacrifice of time. b. deciding to never purchase a coat made of animal skin or fur
c. acquiring the information relevant to a choice before making that choice. d. measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake.
The traditional view of the production process is that capital is subject to
a. constant returns. b. increasing returns. c. diminishing returns. d. diminishing returns for low levels of capital, and increasing returns for high levels of capital.
Some economists have criticized standard government figures on income inequality, arguing that these data:
A. exclude households whose earnings arise in the public sector. B. conceal the strong trend toward greater equality in household sizes. C. conceal the growth of poverty due to a growing number of discouraged workers. D. overstate the degree of income inequality by failing to include noncash transfers as income.