The self-interest of the participants in an economy is guided into promoting general economic self-interest by
a. the invisible hand.
b. market power.
c. government intervention.
d. oikonomos.
a
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If perfectly competitive industry B is currently realizing economic profits, we would expect that:
a. industry output will fall, good B will fall in price, and economic profits will tend to disappear. b. industry output will fall, good B will rise in price, and economic profits will tend to disappear. c. industry output will rise, good B will fall in price, and economic profits will tend to disappear. d. industry output will rise, good B will fall in price, and economic profits will tend to increase.
If the government wants a natural monopoly to earn a "fair return" or zero economic profit, it will set
a. price equal to marginal cost. b. price equal to average total cost. c. price equal to average revenue. d. marginal cost equal to marginal revenue. e. marginal cost equal to average total cost.
The demand for money can be stated as M = (P x Y)/V.
a. true b. false
The Celler-Kefauver Act of 1950:
A. outlawed price-fixing. B. amended the Sherman Act. C. amended the Clayton Act. D. created the Civil Aeronautics Board (CAB).