Firms are prohibited from entering into contracts, combinations, and conspiracies that restrain trade by:
A. Section 8 of the Clayton Act.
B. the Wheeler-Lea Act.
C. Section 2 of the Sherman Act.
D. Section 1 of the Sherman Act.
Answer: D
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The phrase "a change in demand" most directly implies a
A) movement along a demand curve. B) movement along the price curve. C) change in the quantity demanded of a good. D) shift of the demand curve. E) movement along the quantity curve.
A firm can minimize cost by
A) picking the bundle of inputs where the lowest isocost line touches the isoquant. B) picking the bundle of inputs where the isoquant is tangent to the isocost line. C) picking the bundle of inputs where the last dollar spent on one input gives as much extra output as the last dollar spent on any other input. D) All of the above.
When there is a shortage I. there is a tendency for price to increase. II. there is an excess quantity demanded
A) I only B) II only C) Both I and II D) Neither I nor II
Islamic economics promotes the organization of production through large partnerships
a. True b. False