For which of the following items is demand likely to be the most price elastic?
a. Tide liquid laundry detergent
b. laundry detergent in general
c. powdered laundry detergent
d. liquid laundry detergent
A
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If the production of a sofa requires the purchase of 3 types of inputs and the production of a harp requires the purchase of 30 types of inputs,
a. the harp-producing firm will buy the sofa-producing firm b. the sofa-producing firm will buy the harp-producing firm c. harp production is more likely to be done by firms than sofa production is d. sofa production is more likely to be done by firms than harp production is e. both harp and sofa production will always be done by firms because there is more than one input involved in each
What is meant by the "paradox of leverage?"
What will be an ideal response?
The Celler-Kefauver Act of 1950:
A. established the FTC. B. closed down a loophole in the Clayton Act by outlawing mergers through the purchase of another firm's physical assets. C. closed down a loophole in the Sherman Act by outlawing mergers through the purchase of another firm's physical assets. D. banned tying contracts.
Production efficiency occurs
A) anywhere inside or on the production possibilities frontier. B) when the total cost of production is minimized. C) at all points on the production possibilities frontier. D) at only one point on the production possibilities frontier. E) at all points inside the production possibilities frontier.