Which of the following statements is not correct?
a. Two examples of early antitrust laws are the Sherman and Clayton Antitrust Acts.
b. Antitrust laws automatically prevent mergers between companies that produce similar products.
c. Antitrust laws give the government power to increase competition.
d. Antitrust laws can reduce social welfare if they prevent mergers that would lower costs through more efficient joint production.
b
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Fiat money refers to a monetary system in which gold backs up paper money
Indicate whether the statement is true or false
In the short run, which are most important in determining changes in output?
A. Marginal cost and marginal revenue B. Total costs and revenue C. Average cost and average revenue D. Fixed costs
Which is the best example of a firm's implicit costs?
A) wages B) the opportunity cost of owner-provided labor C) rent D) taxes
Which of the following is an example of a price ceiling?
A. the minimum wage B. rent controls C. agricultural price supports D. None of these is correct.