Scarcity exists because:
A. new wants continue to develop and willingness to meet them is limited.
B. the supply of goods is always less than the demand.
C. individuals cannot solve the three central coordination problems.
D. governments cannot solve the three central coordination problems.
Answer: A
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If a family's MPC is 0.7, it means that the family is:
A. Operating at the break-even point B. Spending seven-tenths of any increment to its income C. Necessarily dissaving D. Spending 70 percent of its disposable income
In the Microsoft antitrust case, regulators argued that Microsoft (MS) not only required computer makers that wanted to use MS Windows to also carry their other software, but required them to:
a. choose between various word processing programs. b. remove a competitor’s software. c. use less innovative marketing practices. d. run the Macintosh operating system.
The demand curve faced by the monopolist
A) is perfectly elastic. B) is perfectly inelastic. C) slopes downward. D) slopes upward.
One weakness of the Sherman Act is that
A. it applies only to the steel and railroad industries. B. it applies only to foreign monopolies. C. it fails to clearly define restraint of trade. D. none of these.