The Sherman Antitrust Act:
A) prohibits conspiracies in restraint of trade.
B) allows the formation of trusts so long as they are public enterprises.
C) allows a group of firms to form a trust only if it is done to take advantage of economies of scale.
D) prevents the military from using armored vehicles on the public streets.
A
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Which of the following is not a valid relationship?
a. For a normal good: demand for a good increases when income falls. b. For a normal good: demand for a good decreases when income falls. c. For an inferior good: demand for a good decreases when income rises. d. For an inferior good: demand for a good increases when income falls.
The demand for a product tends to be less elastic as the product accounts for a larger fraction of a consumer's budget.
Answer the following statement true (T) or false (F)