Which of the following cases established that the mere possession of monopoly power violated antitrust laws?
A. IBM case of 1982
B. Microsoft case of 1998
C. Alcoa case of 1945
D. AT&T case of 1982
C. Alcoa case of 1945
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A cost of aggregation is that:
A. broad economic trends are obscured B. details about individual households and firms are lost C. economy-wide totals cannot be obtained D. the "big picture" cannot be studied
An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
The basic formula for the price elasticity of demand is
A. absolute decline in price/absolute increase in quantity demanded. B. percentage change in price/percentage change in quantity demanded. C. absolute decline in quantity demanded/absolute increase in price. D. percentage change in quantity demanded/percentage change in price.
In a perfectly competitive market, because an individual seller tends to sell only a fraction of the total amount of the good produced:
A) he can independently determine the market price. B) he can charge prices above the equilibrium price. C) his individual choices do not affect market outcomes. D) he always earns positive profit.