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.
c
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Homer and Teddy are stranded on a desert island. To feed themselves each day they can either catch fish or pick fruit. In a day, Teddy could pick 60 pieces of fruit or catch 20 fish. Homer could pick 100 pieces of fruit or catch 150 fish
Which of the following is CORRECT? A) Homer has a comparative advantage in catching fish and Teddy has a comparative advantage in picking fruit. B) Homer has a comparative advantage in picking fruit and Teddy has a comparative advantage in catching fish. C) Homer has a comparative advantage in both catching fish and picking fruit. D) Teddy has a comparative advantage in both catching fish and picking fruit.
Refer to Figure 10-2. Which of the following is consistent with the graph depicted above?
A) New government regulations decrease the profitability of new investment. B) The government runs a budget surplus. C) An expected expansion increases the profitability of new investment. D) There is a shift from an income tax to a consumption tax.
For open economies,
A) S = I. B) S = I + CA. C) S = I - CA. D) S > I + CA. E) S < I + CA.
Small sample sizes in an experiment
A) biases the estimators of the causal effect. B) may pose a problem because the assumption that errors are normally distributed is dubious for experimental data. C) do not raise threats to the validity of confidence intervals as long as heteroskedasticity-robust standard errors are used. D) may affect confidence intervals but not hypothesis tests.