Taiwan exports tools to the United States. Consumers in Taiwan will probably pay a(n) ________ price for tools with free trade than they would with a closed economy.

The landmark antitrust case which established that size alone is not sufficient to prove an antitrust violation is the

a. U.S. Steel case b. Brown Shoe case c. Von's Grocery case d. ALCOA case e. Pabst Brewing case

A key determinant of the price elasticity of supply is the time period under consideration. Which of the following statements best explains this fact?

a. Supply curves are steeper over long periods of time than over short periods of time. b. Buyers of goods tend to be more responsive to price changes over long periods of time than over short periods of time. c. The number of firms in a market tends to be more variable over long periods of time than over short periods of time. d. Firms prefer to change their prices in the short run rather than in the long run.