The FTC is
A) the act that prevents producers from driving out smaller competitors by means of selected discriminatory price cuts.
B) the commission that investigates unfair competitive practices such as misleading advertising.
C) an agency which has been set up to regulate the federal government.
D) the agency set up to regulate hospitals.
Ans: B) the commission that investigates unfair competitive practices such as misleading advertising.
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Because perfectly competitive firms are price takers, each firm faces a demand that is
A) perfectly inelastic. B) perfectly elastic. C) highly inelastic but never is it perfectly inelastic. D) unit elastic. E) highly elastic but never is it perfectly elastic.
The two "goods" used when economists analyze labor supply are
a. work and leisure. b. work and consumption. c. saving and consumption. d. leisure and consumption.