The Sherman Antitrust Act specifically prohibited tying contracts and interlocking directorates.
Answer the following statement true (T) or false (F)
False
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Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Also assume that Germany has an absolute advantage in both fish and cars. If these two countries specialize and trade so as to maximize the benefits of specialization and trade, then
a. the two countries' combined output of both goods will be higher than it would be in the absence of trade. b. Greece will produce more fish than it would produce in the absence of trade. c. Germany will produce more cars than it would produce in the absence of trade. d. All of the above are correct.
Monopolistic competition is similar to perfect competition in that:
A. firms advertise in both cases. B. both entail the production of differentiated products. C. output is at minimum average total cost in both. D. long-run profits tend toward zero in both.
Price leadership is not ______ collusion but ______ collusion.
a. tacit; outright b. predatory; vertical c. outright; tacit d. competitive; tying
Can you think of an example of a good whose demand could be perfectly inelastic?
What will be an ideal response?