43. The earliest antitrust act was the a. Sherman b. Clayton c. FTC d. Cellar-Kefauver act.
44. In which of the following market structures is there clear-cut mutual interdependence with respect to price-output policies? a. Pure monopoly b. Oligopoly c. Monopolistic competition d. Pure competition
45. What do economies of scale, the ownership of essential raw materials, and patents have in common? a. They must all be present before price discrimination can be practiced b. They are all barriers to entry. c. They all help explain why a monopolist's demand and marginal revenue curves coincide. d. They all help explain why the long-run average cost curve is U-shaped.
46. As the wage increases, the amount of time spent on market work usually a. Increases, because the opportunity cost of leisure increases. b. Decreases, because the opportunity cost of leisure increases. c. Does not change, since there is no substitution effect. d. Does not change, since there is no income effect unless you work more.
47. David attends a large state university. For his first semester, he paid out-of-state tuition. At the end of the first semester, he was declared to be a state resident, which cut his tuition in half for the next semester and gave him a $1400 refund on his first semester. How will this affect David's decision about a summer job? a. His equilibrium wage will increase b. His equilibrium wage will decrease c. The demand for his labor will increase d. The demand for his labor will decrease e. His supply of labor will decrease
