In U.S. v. U.S. Steel Corporation, the Supreme Court ruled that
a. U.S. Steel had violated the Sherman Act, particularly by organizing meetings with competitors such as the "Gary Dinners.".
b. despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power.
c. large corporations, by definition, violate the Sherman Act.
d. the Sherman Act did not apply to U.S. Steel because steel manufacturing was an activity "clothed with a public interest.".
b. despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power.
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The marginal product of labor is the additional:
A. output produced by one more worker. B. wage paid for an additional worker employed. C. wage paid for an additional hour of work. D. labor employed to produce one more unit of output.
Explain why high nominal interest rates in an economy does not necessarily mean real interest rates in the same economy are also high
What will be an ideal response?
An aggregate production function shows the relationship between
A) real GDP and leisure. B) real GDP and the quantity of labor employed. C) leisure and unemployment. D) real GDP and unemployment.
If a perfectly competitive firm is incurring a short-run loss, it
a. then will incur a long-run loss b. will shut down c. will continue to operate in the short run if its fixed cost is covered d. will continue to operate in the short run if its variable cost is covered e. will raise its price in the short run