According to critics, the Utah Pie case represents a failure by the Supreme Court to distinguish between injury to competition that benefits consumers and injury to a specific competitor
a. True
b. False
Indicate whether the statement is true or false
True
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Sequential games are used to analyze
A) second-price auctions. B) cartels. C) situations in which one firm acts and other firms respond. D) firms that are subject to the prisoner's dilemma.
If the demand for high definition televisions increases and the supply of high definition televisions increases, then
A) it is clear that prices will increase; the change in the quantity of televisions sold is ambiguous. B) it is clear that prices will decrease; the change in the quantity of televisions sold is ambiguous. C) it is clear that quantity sold will increase; the change in the price of televisions is ambiguous. D) it is clear that quantity sold will decrease; the change in the price of televisions is ambiguous.
If hot dogs cost $2 this year and $3 next year, then 100 hotdogs will contribute
a. $200 to this year's nominal GDP and $166 to next year's nominal GDP. b. $200 to this year's real GDP and $300 to next year's real GDP. c. the same dollar amount to each year's nominal GDP because hotdogs are intermediate goods. d. $200 to this year's nominal GDP and $300 to next year's nominal GDP.
Consumers benefit from monopolistically competitive markets because:
A. they only have one good from which to choose. B. in this type of market, producers supply goods in a variety of locations or with a variety of characteristics. C. in this type of market, goods are sold at a price equal to the marginal cost of production. D. goods are sold at a price equal to marginal revenue.