All of the following are exempt from antitrust laws EXCEPT
A. labor unions.
B. oil companies.
C. professional baseball.
D. public utilities.
Answer: B
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Indicate whether the statement is true or false
The efficient quantity of output of a product with external costs of production is
A) where the demand curve and the producer's supply curve intersect. B) where the marginal social cost curve and marginal social benefit curve intersect. C) as low as possible. D) zero.
Rational expectations involve the assumption that
A) market participants make use only of information on the past performance of an asset in determining what they believe its price should be. B) market participants rarely change their minds about the correct price of an asset. C) financial markets are good at increasing liquidity, but poor at transmitting information. D) market participants makes use of all available information.
In the long run, firms in a perfectly competitive market will:
A. exit if the price is lower than their lowest average total cost. B. attract other firms to the market if the price is equal to their lowest average total cost. C. not attract other firms if they are earning slightly positive economic profits. D. earn positive economic profits.