The Robinson-Patman Act strengthened the merger provisions of the Clayton Act
a. True
b. False
Indicate whether the statement is true or false
True
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A shortage occurs in a market when:
A) supply exceeds demand. B) price is lower than the equilibrium price. C) price is higher than the equilibrium price. D) the marginal utility of consumption is negligible.
A compensation structure that generates much higher pay rates for the top performers, while those whose productivity is only a little lower receive substantially less compensation, is called
a. competing differentials. b. winner take all. c. dueling executives. d. tournament pay.
The unbalanced development strategy is preferred by many economists because
a. it relies on the vast resources of government rather than on the unreliable promises of private investment b. it creates a dynamic chain reaction of economic development c. it promotes economic dualism d. it overcomes the obstacles created by forward and backward linkages e. it favors demand-induced investments over supply-induced investments
If Irene can make either four chairs or one table in an hour and Greg can make either three chairs or two tables in an hour, then
A) Irene has the absolute advantage in the production of tables. B) Greg has the absolute advantage in the production of chairs. C) Irene has the comparative advantage in the production of chairs. D) Greg has the comparative advantage in the production of chairs.