In 1911, the Supreme Court established the rule of reason. This rule held that
a. the Sherman Antitrust Act made only unreasonable restraints of trade illegal.
b. the Court was entering a new deductive stage of reasoning.
c. the Sherman Antitrust Act made the mere size of a firm an offense.
d. All of these.
a. the Sherman Antitrust Act made only unreasonable restraints of trade illegal.
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Today, firms in a perfectly competitive market are making an economic profit. In the long run, firms will ________ the market until all firms in the market are ________
A) exit; covering only their total fixed costs B) enter; making zero economic profit C) exit; producing at the minimum point on their long-run average cost curve D) enter; making zero normal profit
Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. To Liza,
A) ice cream and hot fudge and substitutes. B) ice cream is a normal good and hot fudge is an inferior good. C) ice cream and hot fudge are normal goods. D) ice cream and hot fudge are complements.
Refer to above Table 2-1. What is the level of Personal Saving?
A) 100 B) 90 C) 80 D) 130
Which of the following is an advantage of mini-mills over vertically integrated giant mills?
a. The small size of mini-mills ensures economies of scale in steel production. b. The small furnaces used in mini-mills depend less on coal and more on electricity. c. The mini-mills do not require integration of casting and milling activities. d. The small furnaces used by mini-mills can be operated as per the producer's will.