According to the per se rule, when would the courts find a monopoly in violation of the Sherman Antitrust Act?
A. Always-monopoly is per se illegal under the rule of reason.
B. Only when the monopoly created negative externalities.
C. Only when the monopoly engaged in illegal business practices.
D. Only when the monopoly charged excessively high prices.
Answer: A
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In order to reduce labor supply, a union must be able to
a. do all of the following b. force all employers in the industry to hire only union members c. set wages d. agree to wage concessions e. increase union membership
Public goods: a. Can be both produced and financed by the private sector
b. Can be both produced but not easily financed by the private sector c. Cannot be produced but can be financed by the private sector. d. Cannot be produced or easily financed by the private sector.
Why study perfect competition, if it rarely exists?
We call an economy that is self-contained and does not engage in any trade with outsiders a(n):
A. monarchy. B. oligarchy. C. oligopoly. D. autarky.