The first antitrust law in the United States was the
A) Glass-Steagall Act.
B) Robinson-Patman Act.
C) Clayton Act.
D) Sherman Act.
Answer: D
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In a Cournot duopoly, we find that Firm 1's reaction function is Q1 = 50 - 0.5Q2, and Firm 2's reaction function is Q2 = 75 - 0.75Q1. What is the Cournot equilibrium outcome in this market?
A) Q1 = 20 and Q2 = 60 B) Q1 = 20 and Q2 = 20 C) Q1 = 60 and Q2 = 60 D) Q1 = 60 and Q2 = 20
Dissaving occurs when the consumption function lies below the 45-degree line
a. True b. False Indicate whether the statement is true or false
When firms advertise their products, they are attempting to:
A. shift the supply curve of the product to the right. B. shift the supply curve of the product to the left. C. shift the demand for the product to the right. D. shift the demand for the product to the left.
From 1935 to 2017, the yield per acre for wheat has ________ in the United States.
A. roughly doubled B. more than tripled C. increased more than 6-fold D. slightly declined