Price discounts to selected buyers with the intent of driving out smaller competitors is
a. widespread in all industries
b. common in the retailing industry only
c. illegal under the Robinson-Patman Act
d. allowed if the four-firm concentration ratio is less than 50 percent
e. beneficial to consumers in the long run
C
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The government sector balance is equal to net taxes ________ government expenditure on goods and services
If that number is ________, a government sector surplus is lent to other sectors; if that number is ________, borrowing from other sectors must finance a government deficit. A) plus; positive; negative B) minus; negative; positive C) minus; negative; negative D) minus; positive; positive E) minus; positive; negative
Which of the following statements is false?
A) Marginal cost will equal average total cost when marginal cost is at its lowest point. B) When marginal cost is greater than average total cost, average total cost will rise. C) Marginal cost will equal average total cost when average total cost is at its lowest point. D) When marginal cost is less than average total cost, average total cost will fall.