The first step in enforcing any antitrust policy is to
A) win the support of the public.
B) win congressional approval.
C) win the approval of the state senators from the state where the company is headquartered.
D) define the market.
Answer: D
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The expression, "There's no such thing as a free lunch," implies that
A) no one has time for a good lunch anymore. B) opportunity costs are incurred when resources are used to produce goods and services. C) everyone has to pay for his own lunch. D) the person consuming a good must always pay for it.
Suppose Island Bikes, a profit-maximizing firm, is the only bike rental company in a small resort town. The marginal cost to Island Bikes of renting out a bike is $3, and Island Bikes has no fixed costs. Each day Island Bikes has six potential customers, whose reservations prices are listed in the table. CustomerReservation Price($/Rental)A22B16C12D8E6F4Suppose Island Bikes knows that customers whose reservation prices are at least $10 always rent bikes before noon, while those whose reservation prices are below $10 never do so. If Island bikes can charge a different price in the morning and in the afternoon, then in the morning, it will rent out ________ bike(s) and charge ________ per bike.
A. 4; $8 B. 1; $22 C. 2; $16 D. 3; $12
If e-books begin to be the most popular form of textbooks, it is
A. in the best interests of internet book sellers. B. likely to be self-defeating for publishers. C. in the best interests of publishers and authors. D. likely to increase costs to students.
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline