Which of the following would tend to increase the price of lumber?
a. a technological advance that lowers the cost of cutting timber
b. an increase in the demand for newly constructed homes
c. a decrease in the demand for wooden rocking chairs
d. a decrease in the tax imposed on firms who produce lumber
B
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If a firm cannot earn profits in the short run, it will shut down
Indicate whether the statement is true or false
In the Utah Pie case, the economic effect of the Supreme Court decision was to:
a. prohibit the merger of two small pie companies. b. encourage competition by ruling that the national competitors had engaged in illegal price discrimination. c. encourage competition by ruling that the national competitors had not engaged in illegal price discrimination. d. discourage competition by national competitors in the Salt Lake City market.