Demand for a good is said to be inelastic if the quantity demanded increases slightly when the price falls by a large amount

A merger between firms at different stages of production of a good

A) was made illegal by the Sherman Act. B) was made legal by the Clayton Act. C) is a vertical merger. D) is a horizontal merger.

When a person throws a cigarette out of a car window and starts a brush fire, this is

A) an example of an external benefit. B) an example of an external cost. C) an example of a public good. D) an example of market power.