Suppose that a profit-maximizing monopoly firm undergoes a substantial technological change that reduces its marginal and average total costs by $40. If in response to its reduction in cost the firm changes its price in a profit-maximizing way, then we can predict that its total economic profit will:

When the court requires evidence that a monopoly actually used its size to violate antitrust laws, this criterion is called

a. rule of reason b. Sherman antitrust c. per se d. countervailing power e. creative destruction

Which of the following would be included in this year's GDP?

a. the value of a used car, at its sale price b. the value of a new domestic automobile, at its sale price c. a sale of Microsoft stock from one individual to another d. the face value of a life insurance policy paid to a woman at the death of her husband