All of the following are exempt from antitrust enforcement EXCEPT
A. television and radio stations.
B. professional baseball.
C. hospitals.
D. labor unions.
Answer: A
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A tariff
A) makes everyone worse off. B) makes domestic consumers better off. C) makes domestic producers better off. D) makes both domestic producers and consumers better off.
For a given increase in price, the greater is the elasticity of supply, the greater is the resulting a. decrease in quantity supplied. b. decrease in supply
c. increase in quantity supplied. d. increase in supply.
Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).In analyzing the costs involved for student loans in the face of rising prices, this Application is addressing the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.
Refer to the diagram. Marginal utility:
A. increases at an increasing rate.
B. becomes negative after consuming 4 units of output.
C. is found by dividing total utility by the number of units purchased.
D. cannot be calculated from the total utility information.