What do American drivers on congested roads and Soviet shoppers waiting in line to purchase clothing have in common?
a. Both the American drivers and the Soviet shoppers are consuming products at prices that do not represent the full costs of the products.
b. Both the American drivers and the Soviet shoppers can purchase as much as they want at the market price.
c. Both the American drivers and the Soviet shoppers could avoid waiting if the prices were lowered.
d. American drivers and Soviet shoppers have nothing in common.
a
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The price elasticity of demand for leisure air travel is -1.60. Therefore, a
A. 16 percent decrease in the price of leisure air travel will cause a 10 percent increase in the amount of leisure air travel. B. 10 percent decrease in the price of leisure air travel will cause a 16 percent increase in the amount of leisure air travel. C. a 16 percent decrease in the price of leisure air travel will cause a 10 percent decrease in the amount of leisure air travel. D. 10 percent decrease in the price of leisure air travel will cause a 16 percent decrease in the amount of leisure air travel.
The first antitrust law that the U.S. Congress enacted was
A. the Robinson-Patman Act. B. the Clayton Antitrust Act. C. the Federal Trade Commission Act. D. the Sherman Antitrust Act.