What are the main features of the Clayton Act?
What will be an ideal response?
The Clayton Act outlawed specific practices that discourage competition, including tying contracts, price discrimination for the purpose of reducing competition, and stock-purchase mergers that would substantially reduce competition.
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An economic rent can be created by a common property without any admission fee
a. only if people have identical tastes. b. if people's tastes differ, but the rent will still be sub-optimal. c. if people's tastes differ, in which case the rent will be optimal. d. if people's tastes differ, in which case the rent will be more than optimal.
All else equal, the price elasticity of demand for a good tends to be lower:
A. in the long run. B. if the good has many close substitutes. C. if the good represents a large share of a consumer's budget. D. if the good has few close substitutes.
If the slope of the relationship between savings and interest rates is 0.5, then
A) savings and interest rates have a positive relationship B) savings and interest rates have a negative relationship C) savings and interest rates have no relationship D) savings and interest rates have an inverse relationship
The free rider problem occurs because:
a. it is easy to exclude others from consuming a good. b. consumption is rivalrous, so the consumption of a product by one individual diminishes the amount available for others. c. exclusion is costly or impossible, so a consumer or producer can use a good without having to pay for it. d. external costs are imposed on others not directly involved in the transaction. e. individuals are not required to pay for those goods which do not yield any utility to them.