When was the Clayton Act passed, and what were the main practices that it outlawed?
What will be an ideal response?
The Clayton Act was passed in 1914, and it outlawed tie-in sales, price discrimination for the purpose of reducing competition, and stock-purchase mergers that substantially reduce competition.
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Patents encourage inventions because without a patent
A) other firms could enter the inventor's market by producing the same product. B) nobody would demand the inventor's product. C) the inventor would receive no tax breaks. D) all markets would be public franchises.
Assume that production from an electric utility caused acid rain and that the government imposed a tax on the utility equal to the cost of the acid rain. This is an example of
A) a Pigovian tax. B) the Coase Theorem. C) a transactions cost. D) a Pigovian subsidy.
Other things remaining equal, total factor productivity will fall if _____
a. labor input grows more slowly than total output b. capital input grows faster than total output c. the economy's output divided by total inputs increases d. the ratio of total output to the stock of labor and capital changes by zero percent e. the ratio of total output to the stock of labor and capital increases
Real GDP measures the ________ of production.
A. change in the volume B. current dollar value C. current market value D. physical volume