The first independent federal railroad regulatory agency was:
a. Interstate Commerce Commission.
b. Federal Trade Commission.
c. Federal Bureau of Alcohol, Tobacco, and Fire Arms.
d. United States Fair Trade Commission.
a. Interstate Commerce Commission.
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According to economists, competitive firms
A) compete for the same customers. B) are price takers. C) differentiate their products. D) are able to change output and affect the market price.
When the cross-price elasticity of demand for two goods is a positive number, one can correctly conclude that:
a. the goods are normal goods. b. the goods are inferior goods. c. the goods are substitutes. d. the goods are complements. e. total revenue will increase when the price increases.
The current supply of Rembrandt paintings:
a. is perfectly elastic b. is elastic. c. is unit elastic. d. is perfectly inelastic.
Refer to the information provided in Table 8.3 below to answer the question(s) that follow.
Table 8.3
Refer to Table 8.3. If the firm is in a perfectly competitive industry with a market price of $30 per unit, the firm will produce ________ units and earn a profit of ________.
A. three; $20 B. four; $20 C. five; $30 D. four; -$20