Four firms agree to operate as a monopoly and charge the monopoly price of $15 for their product and (jointly) produce the monopoly quantity of 25,000 units. If the competitive price for the product is $8, under the Clayton Act these four firms face treble damages of ________.
A) $525,000 B) $3,000,000 C) $1,000,000 D) $175,000
A) $525,000
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If expected inflation falls, the long-run Phillips curve will
A) shift to the left. B) shift to the right. C) become negatively sloped. D) not be affected.
Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $60, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
In the winter of 2001–2002, Argentina’s overvalued currency reflected a(n)
A. balance of payments surplus. B. balance of payments deficit. C. surplus of exports over imports. D. excess demand for Thai currency.
Assume the United States and Australia have the same amount of resources. In a given time period, the United States can produce 2 tons of beef or 200,000 cars. Australia can produce 1 ton of beef or 100,000 cars. This means that
A. Australia has an absolute advantage in both beef and cars. B. Australia has a comparative advantage in cars. C. The United States has an absolute advantage in both beef and cars. D. The United States has a comparative advantage in beef.