In the mid-1970s, antitrust policy began a new phase characterized by
a. the use of per se rules.
b. reliance on economic analysis.
c. the definition of a monopoly as a firm with dominant market share.
d. repeal of the Clayton Act.
b. reliance on economic analysis.
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Refer to the above figure. Demand will be inelastic when quantity is between
A) 0 and A. B) 0 and B. C) A and B. D) B and C.
A deficit nation in a fixed exchange rate system can improve its balance of payments by increasing
a. its money supply. b. its interest rates. c. its level of real GDP. d. aggregate demand.
Situation 4-1 During the winter of 1973-74, a general system of wage and price controls (including a price ceiling on gasoline) was in force in the United States. At the beginning of 1974, some oil-producing countries imposed an oil embargo (a legal prohibition on commerce) on the West. In the spring of 1974, price controls were abolished. Refer to Situation 4-1. An economist would have most
likely predicted that once price controls were abolished in the spring of 1974, A) the price of gasoline would decline sharply. B) the surplus of gasoline would go away. C) the shortage of gasoline would go away. D) the demand for gasoline would decrease. E) both c and d
Income in the form of goods and services is
A) known as money income. B) known as income in kind. C) not considered income by economists. D) not part of wealth.