Which of the following is not a criticism of monopolies?
a. They restrict output.
b. They set price above the perfectly competitive level.
c. They tend to be less innovative than firms in a competitive market.
d. They exert a disproportionate amount of political influence.
e. They reduce allocative efficiency through perfect price discrimination.
E
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Suppose that British Steel, Ltd., sells steel in Britain at $600 per ton and the same steel in the United States at $450 per ton. The price of equivalent steel produced in the United States is $550 per ton. How large an antidumping tariff (in percentage) will be applied on imports from British Steel if it is found that it dumped steel on the U.S. market?
a. 9.11% b. 22.22% c. 25% d. 33.33%
Unemployment caused by the fluctuation of the business cycle is called ________ unemployment
A) structural B) recession-related C) frictional D) cyclical