The concept of the "relevant" market was important in which of the following cases?
A. Standard Oil case of 1911
B. DuPont case of 1956
C. IBM case, which was terminated in 1982
D. U.S. Steel case of 1920
B. DuPont case of 1956
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Which of the following market types has the fewest number of firms?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
Reserves are a bank ________ consisting of ________
A) asset; vault cash plus bank deposits with the Federal Reserve B) asset; checking account deposits and savings account balances C) liability; vault cash plus bank deposits with the Federal Reserve D) liability; checking account deposits and savings account balances
Adam Smith believed that if people were free to pursue their own interests,
a. less would be produced than if government planners were in charge of the economy. b. the public interest would be served quite well. c. they would generally apply their talents to unproductive activities that would generate little value to society. d. they would have little incentive to undertake productive activities.
Why do used goods of different qualities often sell for the same price, while used goods of different sizes sell for different prices?
What will be an ideal response?