In the U.S. government's 1998 suit against the Microsoft Corporation, a central issue was whether Microsoft should be allowed to integrate its Internet browser into its Windows operating system. Microsoft responded that
a. this integration of products is an example of tying, and the U.S. Supreme Court has consistently ruled that tying is a perfectly acceptable and legal business practice.
b. this integration of products is an example of resale price maintenance, and the U.S. Supreme Court has consistently ruled that fair trade is a perfectly acceptable and legal business practice.
c. putting new features into old products is a natural part of technological practice.
d. it would discontinue this integration of products, provided a speedy resolution of the government's case could be reached.
c
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If a firm's short-run average cost curves are u-shaped, does this imply that the long-run average cost curve must also be u-shaped?
What will be an ideal response?
Marginal cost
A) cuts average variable cost and average fixed cost at their lowest point. B) cuts average variable cost and average total cost at their lowest point. C) rises and then falls. D) is the mirror image of marginal product.
For a given, permanent reduction in demand for a product: a. the decrease in price will be greater the more elastic is supply
b. the decrease in price will be greater in the long run than in the short run. c. the decrease in price will be greater the more inelastic is supply. d. none of the above
After Jason lost his job five years ago, he could not find another job. Unable to provide for his family, Jason suffered from severe stress-related diseases. Jason's unemployment resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. the deterioration of health d. a loss of social cohesion