The biggest breakup of a trust under the Sherman Act was the breakup of the ___________.
Fill in the blank(s) with the appropriate word(s).
Standard Oil trust
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In the figure above, potential GDP equals
A) $15.5 trillion. B) $16.0 trillion. C) $16.5 trillion. D) None of the above answers is correct.
In 1973, the Organization of Petroleum Exporting Countries (OPEC) engineered a quadrupling of oil prices by restricting oil production. Which of the following is an appropriate description of this negative supply shock?
A) The AS curve likely shifted to the left and output likely fell because of this adverse shock. B) In the short-run there was a movement out of general equilibrium leading to an increase in inflation as a likely result of this adverse shock. C) In the short-run there was a movement out of general equilibrium leading to an increase in unemployment as a likely result of this adverse shock. D) all of the above E) none of the above
Any costly activity firms undertake to protect their monopoly status is referred to as
a. market power b. price-setting behavior c. rent seeking d. economies of scale e. legal intervention
For more than a thousand years, the Catholic Church required its members to abstain from meat on Fridays. Catholics customarily ate fish on Friday. After 1966 abstinence from meat on Fridays was no longer required. Consequently, the
a. demand curve for fish shifted to the right. b. demand curve for fish shifted to the left. c. demand for meat decreased. d. price of fish increased.