Under the rule of reason, no firm with a large market share could be found guilty of violating the Sherman Antitrust Act

Suppose after the semester ends, you take a trip to a tropical island. Upon arriving at the island, you make a stop at one of the markets and notice that everyone is carrying around jars full of little turtles

You also notice the person in line in front of you just paid for a bottle of rum with 6 turtles. Someone else just bought a straw hat for two turtles. Thinking back to your economics class (as painful as that may be), you would conclude that A) turtle soup is a delicacy. B) turtles are valueless. C) this is a barter economy. D) those little turtles are serving as money.

The producer surplus of making and selling 10 chairs is found by

A) multiplying the selling price by 10. B) subtracting the marginal cost from the selling price for each chair and summing the differences for all 10 chairs. C) subtracting from the total revenue the cost of producing one chair multiplied by 10. D) adding the marginal cost and the price of all 10 chairs. E) None of the above answers is correct.