An early application of anti-trust law, to force the breakup of one firm's vertically integrated control over every aspect of the production, processing, and distribution of an essential product, occurred in the
A. AT&T Case.
B. Microsoft case.
C. Napster case.
D. Standard Oil case.
Answer: D
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Suppose that in the market for bottled water, the market supply is QS = 14 + 20Pand the market demand is QD = 74 – 10P, then equilibrium price is
a. $2 b. $54 c. $6 d. none of the above
In the above figure, market equilibrium at point E yields the quantity X. The quantity is the socially optimal quantity. Point E indicates that currently there is
A) a negative externality. B) a positive externality. C) a public good. D) a positive externality with subsidy.
If the monetary authorities want to lower the size of the monetary multiplier, they should
A. lower the legal reserve ratio. B. raise the legal reserve ratio. C. take actions to increase bank reserves. D. take none of these actions.
According to the economic way of thinking, scarcity implies
A) money. B) competition. C) capitalism. D) chaos. E) all of the above.