A problem with using the judgment by performance criterion is that:
A. the court must decide whether to use concentration ratios or the Herfindahl index.
B. it is difficult to determine the relevant market.
C. each action of a firm must be analyzed separately and within a particular context.
D. it is difficult to determine the relevant industry.
Answer: C
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Considerable day-to-day volatility in major exchange rates is caused by
A) shifts in tastes or preferences for domestic versus foreign goods. B) international capital mobility and expectations of future exchange rates. C) sudden changes in productivity in one nation versus others. D) highly variable inflation rates in some industrialized countries.
Farmers who work for themselves with their own equipment on their own land could earn accounting profits and economic losses at the same time
a. True b. False Indicate whether the statement is true or false
Adam Smith noted in 1776 that
A. the wealth of nations comes from the money the nations have accumulated. B. the wealth of nations comes from the gold the nations have accumulated. C. the wealth of nations comes from the resources that produce the nation's goods and services. D. the problem of scarcity had been licked.
How would the prices of sodas and cookies decreasing affect utility maximization?
A. Your budget line would not change but your indifference curve would get steeper to consume more of both goods. B. Your indifference curve would shift outward (to the right) and you could consume more. C. Your budget line would shift outward (to the right) and you could consume at a higher indifference curve. D. Your indifference curves would shift inward (to the left) and you would consume less of each good but have more extra money.