According to the rule of reason, when would the courts find a monopoly in violation of the Sherman Antitrust Act?
A. Always-monopoly is per se illegal under the rule of reason.
B. Only when the monopoly created negative externalities.
C. Only when the monopoly engaged in illegal business practices.
D. Only when the monopoly charged excessively high prices.
Answer: C
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If a central bank announced that it was going to decrease inflation by 5%, people revised their inflation expectations downward by 4%, and the central bank only lowered inflation by 1%, the short run Phillips curve would shift
a. right and unemployment would rise. b. right and unemployment would fall. c. left and unemployment would rise. d. left and unemployment would fall.
One World View article is titled "Glaring Inequalities." Of the countries listed, the least inequality in the distribution of income is likely to occur in
A. South Africa. B. Japan. C. Botswana. D. United States.
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