Which of the following gave the Federal Trade Commission responsibility to protect the public against false and misleading advertising?
A. Celler-Kefauver Act of 1950.
B. Wheeler-Lea Act of 1938.
C. Clayton Act of 1914.
D. Sherman Act of 1890.
Answer: B
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If a firm increases its output level by 50 percent and, as a result, long-run total cost rises by 40 percent, the firm is experiencing
a. diseconomies of scale b. constant returns to scale c. economies of scale d. increasing marginal returns e. diminishing marginal returns
Figure 10-1
If the profit-maximizing firm depicted in Figure 10-1 is perfectly competitive, how much output should it produce?
a.
A
b.
B
c.
C
d.
D
In the very short-run period,
A. the price elasticity of supply is very elastic. B. the price elasticity of demand is very elastic. C. the cross elasticity of demand is very inelastic. D. the price elasticity of supply is very inelastic.
In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
A. market system B. centrally planned system C. command system D. socialist system