J1. Which of the following is/are a normative statemethfe cquibrium the demand c
ID: 1128049 • Letter: J
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J1. Which of the following is/are a normative statemethfe cquibrium the demand curve shifts to the left, the equilibriunm pric ce and the equilibrium quantity will both fall. b. c. should increase the degree of progressivity of its tax system. poly will produce a lower quantity than an otherwise-comparable industry that is The United States perfectly competitive. d. price ceiling that is below the equilibrium price will lead to shortages e. None of the above 32. Which of the following is/are restricted by the antitrust laws? a. Attempting to monopolize. b. Price fixing. c. Interlocking directorates. d. Tie-in sales. e. All of the above. 33. The cross-price elasticity of demand for Good A with respect to the price of Good B is negative. This indicates that a. b. c. d. e. the two goods have inelastic demand. the two goods are inferior goods. the two goods are substitutes. the two goods are complements. (a), (b), and (d) are all correct. 34. Which of the following is/are a measure of what happens as we move along an existing demand curve? The own-price elasticity of demand. a. b. c. d. The cross-price elasticity of demand. The income elasticity of demand. All of the above. e (b) and (c) only. The sevolg industry has many firms, each of which is small relative to the market. Also, all of the in the sevolg industry produce a homogeneous, undifferentiated product, so that it is impossible to distinguish the output of one firm from the output of any other firm. Also, the sevolg industry is characterized by free entry and exit. What kind of industry is this? a. monopolistically competitive. b. oligopolistic. c. monopolistic. monopsonistic e. perfectly competitive.Explanation / Answer
Ans31) B is the correct option. Normative statement expresses a value judgment about whether a situation is desirable or undesirable.
Ans 32) E is the correct option. All of the above. Antitrust Law is designed to prevent and punish anti-competitive practices.
Ans33) D is the correct option. The two goods are complements. Cross price elasticity measures the responsiveness of demand for good X following a change in the price of a related good Y.
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