An example of a public policy response to a monopoly is:
A. public admonishment.
B. encouraging mergers.
C. antitrust laws.
D. All of these are examples.
C. antitrust laws.
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Suppose Thelma and Louise both sell fried green tomatoes in a perfectly competitive market. If Louise increases her output,
a. Thelma must reduce output b. the price Thelma can charge falls c. the price Thelma can charge rises d. the price Thelma can charge is unaffected e. Thelma's profits must fall
Country A can product 100 units of Good X in a day and 40 units of Good Y while Country B can produce 50 units of Good X and 40 units of Good Y
A) These countries will not trade since Country A has a comparative advantage in the production of both goods. B) These countries will not trade since Country A will always be able to take advantage of Country B. C) These countries should trade since Country A has a comparative advantage in the production of Good X and Country B has a comparative advantage in the production of Good Y. D) These countries should trade since Country B has a comparative advantage in the production of Good X and Country A has a comparative advantage in the production of Good Y.
The apparent conflict between the time-series and cross-section evidence on the U.S
saving ratio, where cross-section studies predict a long-run ________ in the ratio that does not emerge from the time-series studies, is ________ by the permanent-income and life-cycle hypotheses. A) rise, resolved B) rise, created C) fall, resolved D) fall, created
In a one-stage game:
A. at least one participant observes a choice by another participant before making some decision. B. each participant makes all of his choices before observing any choice by any other participant. C. at least one participant makes his choice before observing the choices made by other participants. D. one participant has full information of the other players' choices before making his choice.