Which antitrust act provided that injured parties could file suit and, if successful, collect triple damages from monopolistic violators?
A. Wheeler-Lea Act
B. Clayton Act
C. Sherman Act
D. Celler-Kefauver Act
C. Sherman Act
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Buying a monopoly from the existing owner does not ensure an economic profit because
A) the market for monopolies is a monopoly. B) competition among buyers drives up the cost of buying the firm. C) profits equal zero in the long run anyway. D) of the deadweight loss triangle.
Why might a union find that attaining the goal of employing all its members and the goal of maximizing total union wage receipts to be incompatible objectives?
What will be an ideal response?
Refer to the accompanying figure. Assume demand remains unchanged at D1. If supply shifts from S1 to S2, then the equilibrium price will ________ and the equilibrium quantity will ________.
A. rise; rise B. rise; fall C. fall; fall D. fall; rise