The Federal Trade Commission:
a. was abolished by the Celler-Kefauver Act.
b. was established when the Antitrust Division of the Justice Department was eliminated.
c. largely deals with utility regulation.
d. is a weak and ineffective government agency.
e. investigates unfair and deceptive trade practices.
e
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Figure 10-10
indicates the output of the economy, y1, is
a.
less than the economy's long-run capacity.
b.
equal to the economy's long-run capacity.
c.
greater than the economy's long-run capacity.
d.
unattainable, even in the short run.
The individual demand curve for an input such as labor to a firm would be the downward sloping portion of the firm's
A) marginal physical product curve. B) marginal revenue product curve. C) marginal revenue curve. D) total revenue curve.