Predatory pricing, as defined in the text, is
A) common and profitable but illegal.
B) common, profitable, and legal.
C) common but both unprofitable and illegal.
D) common and legal but unprofitable.
E) rarely observed though often alleged.
E
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Given the production function q = 4LK, what is the marginal product of labor when capital is fixed at 25?
A) 4K B) 100 C) 100K D) 100L
In a market economy, economic activity is guided by
a. the government. b. public-interest groups. c. central planners. d. self-interest and prices.
Real income:
A. Is income adjusted for unemployment. B. Is income without any adjustment. C. Reflects the purchasing power of money. D. Reflects the stability of the labor force.
When there is excess supply of a product in a market, which of the following is true?
a. Price must be above the equilibrium price. b. Price will tend to rise. c. Producers will expand output and sales will rise. d. Price must be below the equilibrium price.