If rent-seeking behavior does occur, then the deadweight loss from monopoly practices is smaller than it otherwise would be
Indicate whether the statement is true or false
false
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According to the Law of Supply,
a. price and quantity supplied are positively related, c.p. b. firms produce less output as the price of the product rises, ceteris paribus c. marginal cost rises as the firm contracts production d. there is an inverse relationship between output and price, holding all else constant
Price elasticities tend to be higher, the greater the number of substitutes
Indicate whether the statement is true or false
Which of the following events would not be recorded in the U.S. balance of payments?
a. The money supply of a foreign nation increases. b. Oxfam America, a U.S. relief agency, sends food to drought victims in sub-Saharan Africa. c. Oxfam America, a U.S. relief agency, sends farm equipment to drought victims in sub-Saharan Africa. d. The Pentagon stations troops in Saudi Arabia. e. Pepsi-Cola sends its soft drink to Russia; in return, the United States gets Stolichnaya vodka. No money changes hands.
The first major piece of antitrust legislation was the
a. Clayton Act. b. Obama Care Act. c. Sherman Act. d. Clinton Act.