The legality of which of the following actions would be determined using the rule -of-reason?
A) an agreement with a competitor firm to adjust output levels
B) an agreement with a competitor firm to not sell to a particular customer
C) an agreement with a competitor firm not to bid on a contract
D) an exclusive dealings contract with a customer
D) an exclusive dealings contract with a customer
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Does a perfectly competitive producer have any incentive to lower its price so it is below the current market price? Explain your answer
What will be an ideal response?
Why do the perfectly competitive firms earn only normal profits in the long run?
a. Entry or exit is barred b. Firms produce identical products c. A large number of buyers and sellers exist in the market d. Aggregate demand remains constant e. There is free entry and exit of firms
Suppose a fishing boat currently brings 10,000 fish to market and earns a profit of $40,000 when the price of fish is $8 . Suppose the boat dealer had overcharged the boat owner for the boat. Upon receiving a refund of $25,000 from the dealer, what will happen to the AVC of producing 10,000 fish?
a. increases by $25 b. increases by $2.50 c. does not change d. decreases by $2.50 e. decreases by $25
Game theory is necessary to understand which kinds of markets? (i) perfectly competitive (ii) monopolistically competitive (iii) oligopoly (iv) duopoly (v) monopoly
a. (i) and (ii) only b. (iii), (iv), and (v) only c. (iii) and (iv) only d. (i), (ii), (iii), (iv), and (v)