The main purpose of government competition policy is to
If the government imposed a legal minimum wage that was above the market equilibrium wage, the resulting unemployment would be the greatest when:
An example of forward vertical integration is
A rise in the demand for petrol by motorists is likely to follow a rise in the price of:
All of the following statements about a firms total revenue curve are true except which ONE?
If in the short run a business raises the output of its product then
In the short run average variable costs may fall as output rises. Which ONE of the following is a cause of this?
Total economic welfare derived from an activity will be maximized if the activity is undertaken up to the point at which
Which ONE of the following statements best describes the impact of a government price floor (minimum price) set below free market price?
Which ONE of the following would make the market supply of a product price elastic?