As a result of a conviction under the Sherman Antitrust Act, Standard Oil of New Jersey
A) was fined for its extensive price discriminating activity.
B) was restrained from oil exploration for twenty-five years, which enabled other oil firms to assume leadership in the industry.
C) was broken up into many smaller companies.
D) went bankrupt and no longer is in existence.
Answer: C
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In the Monetarist model, the long-run holds when
a. the money supply is constant. b. real wages are constant. c. output is constant. d. the expected price level equals the actual price level. e. none of the above.
Based on this graph, in order for supply-side policies to move equilibrium to point E2, ______.
a. long-run aggregate supply and short-run aggregate supply must shift rightward, and aggregate demand must remain unchanged
b. aggregate demand must shift rightward, and long-run aggregate supply and short-run aggregate supply must remain unchanged
c. long-run aggregate supply and short-run aggregate supply must shift leftward, and aggregate demand must shift rightward
d. long-run aggregate supply, short-run aggregate supply, and aggregate demand must all shift rightward
The U.S. International Trade Commission rejects many antidumping and countervailing duty allegations because there is:
a. insufficient evidence that a U.S. industry is materially injured as a result of dumping or export subsidization. b. insufficient evidence of dumping or export subsidization. c. insufficient evidence of dumping or export subsidization and insufficient evidence that a U.S. industry is materially injured as a result of dumping or export subsidization. d. no evidence of dumping or export subsidization, but there is evidence that a U.S. industry is materially injured.
Suppose that there are two types of cars, good and bad. The qualities of cars are not observable but are known to the sellers. Risk-neutral buyers and sellers have their own valuation of these two types of cars as follows:Types of CarsBuyer's ValuationSeller's ValuationGood (50% probability)5,0004,500Bad (50% probability)3,0002,500When buyers do not observe the quality, what happens in the market?
A. Both good and bad cars are traded. B. Neither good nor bad cars are traded. C. Only good cars are traded. D. Only bad cars are traded.