Antitrust law is law that
A) does not allow individuals to open trust savings accounts.
B) prohibits competition in certain industries.
C) prohibits certain kinds of market behavior by firms.
D) allows firms under special circumstances to be a monopoly.
Ques. 2In 2012, Canadian farmers did not suffer from drought conditions that affected the United States, but they did enjoy the higher corn prices. Canadian farmers reacted to the higher price by planting more corn.
Suppose that the price of corn increased by 30 percent and the Canadian farmers increased the quantity of corn they supply by 20 percent. The supply of corn is A) perfectly inelastic.
B) unit elastic.
C) elastic.
D) inelastic.
Ques. 3Describe how actual reserves are calculated and explain the difference between desired reserves and excess reserves. How do reserves affect the amount of loans a bank can make?
What will be an ideal response?
Ques. 4The supply of lettuce in the short run will be ________ than the supply in the long run and ________ than the supply today.
A) more elastic; less elastic
B) more elastic; more elastic
C) less elastic; more elastic
D) less elastic; less elastic
Ques. 5The table above gives production information for Bob's Baseball Cap Company. Bob's total cost when zero caps are produced is 200 and workers cost 10 per hour. The average variable cost of producing 10 baseball hats per hour is
A) 1.
B) 2.
C) 20.
D) More information is needed to answer the question.
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