Modern antitrust policy began in response to
a. abuses of market power in the oil industry.
b. the inability of railroads to compete effectively with the new trucking industry.
c. the charge that the rights of big business were not adequately protected.
d. attempts by business leaders to pack Congress with corrupt legislators.
a
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In general, a fine on buying a product leads to the
A) supply curve shifting rightward. B) supply curve shifting leftward. C) demand curve shifting rightward. D) demand curve shifting leftward.
Refer to Table 6-8. What is the most distinctive feature of the supply curve?
A) The supply curve is horizontal. B) The supply curve is upward sloping. C) The supply curve is perfectly elastic. D) The supply curve is perfectly inelastic.
Which of the following items are NOT counted in U.S. GDP?
A) your purchase of a new Ford Mustang B) your purchase of new tires for your old car C) GM's purchase of tires for new cars D) a foreign consumer's purchase of a new Ford Mustang
When the supply and/or demand curve shift, the new market clearing price is
A) reached instantaneously. B) reached only after the government intervenes in the market. C) reached after some period of adjustment. D) never reached.