Which of the following actions should be discussed with an attorney before undertaking as the action could be considered legal?
A) a tying sale with a customer
B) an agreement with a competitor firm to set prices
C) an agreement with a competitor firm to not sell to a particular customer
D) an agreement with a competitor firm to adjust output levels
A) a tying sale with a customer
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What will happen when a firm raises the price of a differentiated product in an imperfectly competitive market?
a. It will see lower sales but will not lose all its sales. b. It will lose all its sales to competitor firms. c. It will actually get new customers from other firms. d. It will see an increase in revenues.
Suppose the demand for good x is ln Qxd = 21 ? 0.8 ln Px ? 1.6 ln Py + 6.2 ln M + 0.4 ln Ax. Then we know that the own price elasticity for good x is:
A. inelastic. B. elastic. C. unitary. D. It cannot be calculated from the existing information.
The short-run Phillips curve shifts around because of changes in:
A. expectations of employment. B. expectations of inflation. C. the money supply. D. expectations of real income.
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0The economy experienced an expansion that lasted from:
A. May 1954 to April 1958. B. July 1953 to May 1954. C. July 1953 to April 1957. D. May 1954 to April 1957.