Answer the following questions true (T) or false (F)
1. The term "trust" in antitrust refers to a board of trustees that has collusive control over different companies.
2. Economic efficiency requires that a natural monopoly's price be set corresponding to the quantity where marginal revenue equals marginal cost.
3. A decrease in the unemployment rate may be represented as a movement from a point on the production possibilities frontier to a point outside the frontier.
1. TRUE
2. FALSE
3. FALSE
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During most of the 1990s, average hours worked per week ____, then, after 2000 . started to ____
a. rose steadily; level off b. remained virtually constant; drop slowly. c. were on the upswing; fall slowly. d. continued to decline; level off
In the capital market, the purchase price is what a:
A. producer pays to gain permanent ownership of a factor of production. B. consumer pays to use labor or land services for a certain period or task. C. consumer pays to gain permanent ownership of a factor of production. D. producer pays to use a factor of production for a certain period or task.