The Supreme Court has defined the offense of monopolization as involving all of the following elements EXCEPT
A. the maintenance of monopoly power.
B. the possession of monopoly power in the relevant market.
C. the ability to grow a business as a consequence of a superior product.
D. the willful acquisition of monopoly power.
Answer: C
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Students in a class are assigned to groups to work on a project. A grade will be given for each project, and everyone in the group will receive that grade. For the members of a particular group, the grade is a
a. beneficial externality. b. public good. c. detrimental externality. d. moral hazard.
Cartels provide uniform management, but none of the advantages of economies of scale
a. True b. False Indicate whether the statement is true or false
The problems of thin markets can be addressed by:
A. guaranteed price matching. B. increasing the number of sellers in the market. C. imposing price ceilings. D. warranties and repair guarantees.
If the absolute price elasticity of demand is 2.0, a 10 percent decrease in price will increase quantity demanded by
A) 10 percent. B) 20 percent. C) 5 percent. D) 12 percent.