The per se rule was applied in the Alcoa case
a. True
b. False
Indicate whether the statement is true or false
True
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If the demand for a monopoly's output shifts leftward, the change in quantity produced is NOT predictable because
A) the monopoly is a profit maximizer. B) the monopoly is a price taker. C) the monopoly has no supply curve. D) the monopoly's marginal cost curve might not be upward sloping.
If a perfectly competitive firm is producing 3,000 units and, at the 3,000th unit, the difference between marginal revenue and marginal cost (MR - MC) is zero, which of the following is true?
A) The firm should exactly double production to maximize profit. B) The firm should increase production to maximize profit. C) The firm should decrease production to maximize profit. D) The firm is maximizing profit.
If the demand for computers increases as consumers' incomes rise, then computers are:
A. a complementary good. B. an inferior good. C. a substitute good. D. a normal good.
What is gross domestic product? What is included in this statistic? What is excluded? Give two examples of goods or services that are included in GDP and two examples of goods or services that are excluded.
What will be an ideal response?