The Sherman Act
a. prohibited restraint of trade
b. created the Federal Trade Commission
c. prohibited fraudulent advertising
d. regulated the railroads
e. exempted insurance companies from antitrust law
A
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_____ increase as we move away from unanimity rule
a. External costs b. Internal costs c. Pareto efficiency d. decision-making costs
To improve your own bargaining position
a. decrease the value of your outside options b. increase the value of your outside options c. do not alter the value of your outside options d. increase the value of your opponent's outside options
The two traumatic events which disrupted China's economic development in the late 1950s and mid-1960s were the _________________________ and the _________________________.
Fill in the blank(s) with the appropriate word(s).
Studies have shown that smoking cigarettes can cause heart disease. Assume this is true, and favorable weather has increased the tobacco harvest in North Carolina. In the market for cigarettes, these two developments would
A) increase demand and increase supply resulting in an increase in the equilibrium quantity and an uncertain effect on the equilibrium price of cigarettes. B) decrease demand and decrease supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of cigarettes. C) decrease demand and increase supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of cigarettes. D) decrease demand and increase supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of cigarettes.