The agency that deals with issues of "unfair and deceptive acts or practices in commerce" is the
A) Federal Trade Commission.
B) Federal Products Commission.
C) Federal Consumer Protection Agency.
D) Federal Advertising Commission.
Answer: A
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Under the binding price ceiling of $4, what would be the black market price?
A. $14 B. $12 C. $16 D. $10
The idea of menu costs suggests that
a. firms alter prices less frequently as inflation increases. b. firms alter prices more frequently as inflation increases. c. firms always alter prices when costs increase. d. firms alter prices as interest rates rise.
Duke is a highly skilled negotiator who could work for many law firms. The law firm that hires Duke is able to collect twice as much revenue per hour of Duke's time than it can for any other negotiator in town. The increased revenue will:
A. be evenly split between Duke and the law firm to maximize surplus. B. all go to Duke because, if it didn't, another firm could hire Duke away. C. all go to the law firm because the firm bears the risk of running the business. D. be split between Duke and the law firm, but how it will be split cannot be determined without more information.
Which of the following are most likely to become an endangered species?
A. animals that people like to keep at home as pets B. animals that people have property rights to own C. domesticated animals D. animals in the wild