When judging the competitiveness of markets by the behavior of firms in that market, one is using the:
A. "judgment by structure" criteria.
B. "judgment by antitrust" criteria.
C. "judgment by performance" criteria.
D. "judgment by merger" criteria.
Answer: C
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Mobutu Sese Seko was President of ________
A) Canada B) Zaire C) Cote d'Ivoire D) Tajikistan
Economists normally assume that the goal of a firm is to
a. maximize its total revenue. b. maximize its profit. c. minimize its explicit costs. d. minimize its total cost.
Aid to Families with Dependent Children was a government program with the goal of:
A. economic growth. B. redistribution. C. social insurance. D. None of these is true.
There is a surplus of quantity supplied over quantity demanded when
A. market price is above equilibrium price. B. market price equals equilibrium price. C. market price is below equilibrium price.