Which of the following did not contribute to the increase in competition in the United States between 1958 and 1988?
a. antitrust activity
b. deregulation of transportation industries
c. deregulation of banking
d. increased imports
e. conglomerate mergers
E
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Refer to the above table. What is the absolute price elasticity of demand if a price falls from $7 to $6.50?
A) 0.85
B) 1.08
C) 1.17
D) 0.92
A steel mill raises the price of steel by 20%, which results in a 7% reduction in the quantity of steel demanded. The demand curve facing this firm is: a. elastic
b. inelastic. c. unit elastic. d. unit inelastic.
If cyclical unemployment is 4%, the overall unemployment rate
A. is 4%. B. is more than 4%. C. is 9%. D. is more than 9%.
Eric provides cheese (H) and milk (M) to the market with the following total cost function: C(H, M) = 10 + 0.4H2 + 0.2M2. The prices of cheese and milk in the market are $2 and $5 respectively. Assume that the cheese and milk markets are perfectly competitive. What output of milk maximizes profits?
A. 12.5 B. 1.25 C. 15 D. 20