Which factors determine the firm's elasticity of demand?
A) Elasticity of market demand and number of firms
B) Number of firms and the nature of interaction among firms
C) Elasticity of market demand, number of firms, and the nature of interaction among firms
D) none of the above
C
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An American-owned McDonald's opens in Russia. How would the net revenue earned by this restaurant affect the GDP and GNP of the United States?
a. It would increase GNP and GDP. b. It would increase GNP and leave GDP unchanged. c. It would increase GDP and leave GNP unchanged. d. It would leave both GDP and GNP unchanged.
One of the agencies responsible for enforcement of antitrust policy is
A) the Trust Division of Congress. B) the Federal Trade Commission. C) the World Trade Organization. D) the Food and Drug Administration.