The arrival of inexpensive information technology, such as personal computers and inexpensive telecommunications:
a. discouraged de-integration.
b. increased the optimal size of firms.
c. shifted the long-run average cost (LRAC) curve of firms downward.
d. shifted the marginal cost of firms upward.
C
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Redding Railroad is held liable by the courts for damages to crops growing along its lines caused by sparks flying off when trains pass. The court ordered damage assessment is $100 per adjoining acre though profits per acre are less than this. Currently, about half of the line has adjoining planted farmlands, the other half is not yet developed. As a result
a. farmers are likely to reduce the number of acres they plant. b. farmers are likely to increase the number of acres they plant in order to collect the payment. c. the railroad will increase the number of trains running. d. farmers will accept payments from the railroad equal to lost profits not to plant.
The appreciation of the dollar in the late 1990s shifted the U.S. aggregate supply curve outward
a. True b. False Indicate whether the statement is true or false
As prices rise, people will buy fewer goods and services because
a. the interest rate has declined. b. aggregate demand has increased. c. the purchasing power of the fixed quantity of money has declined. d. the income of households has increased.
The first antitrust legislation was the:
A. Sherman Act. B. Clayton Act. C. Federal Trade Commission Act. D. Robinson-Patman Act.