In the late 1980s, Canada embarked on an ambitious policy of reducing inflation to zero. Inflation did come down, while the unemployment rate ________, which ________ the U.S. disinflation experience of the 1980s
A) rose, runs counter to
B) rose, duplicates
C) remained nearly constant, runs counter to
D) remained nearly constant, duplicates
B
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The welfare analysis of advertising is controversial because evaluation of the effect of advertising on aggregate surplus depends on:
A. the marginal cost of the advertising. B. whether the inframarginal consumer is influenced by the advertising. C. whether the advertising is tied to a quality increase. D. the reason it succeeds in increasing demand.
Under current antitrust laws, conglomerates are
a. illegal per se b. legal in the United States, but illegal internationally c. immune from prosecution d. legal only if they can show they are efficient e. illegal when necessities such as food are involved
In a duopoly if the firms have agreed to jointly maximize profits, then each firm can increase its current individual profits by producing more
a. True b. False Indicate whether the statement is true or false
Suppose two Cournot duopolist firms operate at zero marginal cost. The market demand is p = a - bQ. Each firm will produce
A) a/b. B) a/2b. C) a/3b. D) a/4b.