The U.S. antitrust laws
A) aid monopolies in their quest to dominate the market for a good or service.
B) are outdated and rarely used anymore.
C) promote competition.
D) are administered by the Department of Commerce.
C
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Suppose that the market for corn is perfectly competitive. If corn farmers are currently generating losses, then we would expect that in the long run the market
A. supply curve will shift to the left. B. supply curve will shift to the right. C. demand curve will shift to the right. D. demand curve will shift to the left.
"If it were not for the law of diminishing marginal returns, the world's wheat could be grown in a flower pot." Explain
Taxing pollution will encourage firms to reduce pollutants dumped in the atmosphere or in streams
a. True b. False Indicate whether the statement is true or false
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.