One of the administrative bodies responsible for initiating actions on behalf of the U.S. government against individuals or companies violating antitrust laws is the
A. Federal Utility Commission.
B. Interstate Commerce Commission.
C. Federal Reserve Bank.
D. Antitrust Division of the Justice Department.
Answer: D
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Government goods are provided to the consumer at a zero price. This means that
A) the cost to society is zero. B) the political system is run by proportional rule. C) people are getting something for nothing. D) the cost of the goods is the value of the resources used to produce the good.
The rule of rational choice holds that people will alter their behavior if ______.
a. expected marginal benefits outweigh expected marginal costs b. they can afford both the money costs and the non-money costs c. comparative advantages are greater than absolute advantages d. changes to their course of action are slow and incremental
Refer to the diagram for a noncollusive oligopolist. Suppose that the firm is initially in equilibrium at point E, where the equilibrium price and quantity are P and Q. If the firm's rivals will ignore any price increase but match any price reduction, then the firm's demand curve will be (moving from left to right):
A. D 1 ED 2 .
B. D 2 ED 1 .
C. D 1 ED 1 .
D. D 2 ED 2
What would be the economic dangers of eliminating patent protection in the pharmaceutical industry as a means of "eliminating monopoly power"?
What will be an ideal response?