The legislation passed by Congress in 1914 to strengthen the government's powers and authorize private lawsuits was the
a. Morgan Act.
b. Sherman Act.
c. Clayton Act.
d. 14th Amendment.
c
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A. What are the two effects of an increase in the wage rate on an individual's labor supply decision? Briefly explain each effect
b. Explain how a labor supply curve could be backward bending. What will be an ideal response?
In an auction where the bidders values are $400, $500, $650, $800 and $850, the highest two bidders form a bid-rigging cartel. What would have the winning bid been if there was no cartel?
a. $501 b. $651 c. $801 d. $846
A monopoly is a sole ____, and a monopsonist is a sole ____
a. buyer in a product market; seller in a product market b. seller in a product market; seller in a labor market c. buyer in a product market; seller in a labor market d. seller in a product market; buyer in a labor market e. seller in a labor market; buyer in a product market
In economics, the concept that individuals are motivated by self-interest and respond predictably to opportunities is known as
A. altruism. B. rational behavior. C. normative bias. D. empiricism.