Antitrust laws prohibit undesirable business practices by firms holding monopoly power
a. True
b. False
Indicate whether the statement is true or false
True
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In the long run in monopolistic competition, all economies of scale are exhausted
a. True b. False
According to the text, economics offers the business person
A) a substitute for the accounting department. B) a substitute for the marketing department. C) a way to forecast demand. D) an approach to thinking. E) a replacement for the personnel department.
When central bankers are acting preemptively they are:
A. aggressively trying to hit a zero inflation target. B. usually focused on reducing expansionary gaps. C. letting markets work and taking a wait and see approach. D. taking bold steps to stabilize the economy.
Which statement is true?
A. Most oligopolies in the United States take the form of a cartel. B. Covert collusion has probably never taken place among American oligopolists. C. The cartel and the cut throat competitor are on opposite ends of the competitive spectrum. D. None of these statements are true.