When the court determines that a firm's size alone is sufficient to find that it violated antitrust laws, this criterion is called
a. countervailing power
b. economies of scale
c. per se
d. rule of reason
e. natural monopoly
C
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Both adaptive expectations and rational expectations are prone to error (a discrepancy between the expectation and the actual experience). In each case, how does error affect the formation of new expectations?
What will be an ideal response?
Other factors held constant, a decrease in resource prices will shift the aggregate:
a. demand curve leftward. b. demand curve rightward. c. supply curve leftward. d. supply curve rightward.
Capital deepening causes ________ in the demand for labor
A) a decrease B) an increase C) no change D) either an increase or decrease
The burden of a tax per unit of output will fall heavily on consumers when demand is relatively ________ and supply is relatively ________
A) inelastic; elastic B) inelastic; inelastic C) elastic; elastic D) elastic; inelastic