According to the U.S. Supreme Court's 1945 ruling on Alcoa,
a. all monopolies are illegal
b. price fixing agreements are illegal under the rule of reason
c. small firms can be found to be in violation of the Sherman Antitrust Act
d. "mere size is no offense."
e. possession of market power is sufficient for a firm to be found in violation of the Sherman Antitrust Act
E
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If a product has an external benefit, how does its marginal private benefit compare to its marginal social benefit?
A) Marginal private benefit is less than marginal social benefit. B) Marginal private benefit is greater than marginal social benefit. C) At low quantities, marginal private benefit is less than marginal social benefit but at high quantities, marginal private benefit is greater than marginal social benefit. D) At low quantities, marginal private benefit is greater than marginal social benefit but at high quantities, marginal private benefit is less than marginal social benefit. E) Marginal private benefit cannot be compared to marginal social benefit.
Failure to account for the increased transportation costs that would result from building fewer and more centrally located production facilities could result in firm managers selecting a scale of operation that is larger than the optimum
Indicate whether the statement is true or false
The money wage rate has little effect on the supply curve. It mainly affects the aggregate demand curve.
Answer the following statement true (T) or false (F)
Which of the following institutions within the Federal Reserve System determines how many government securities the Fed should buy or sell on a given day?
A. the Federal Reserve Bank of Chicago's Board of Trade B. the Federal Reserve Bank of New York's Trading Desk C. Federal Advisory Committee D. the Board of Governors