The criterion introduced by the Supreme Court in 1911 to determine whether a particular action was illegal or legal within the terms of the ________ is called the Rule of Reason.
A. The Humphrey-Hawkins Act
B. Sherman Antitrust Act
C. Clayton Act
D. Federal Trade Commission Act
Answer: B
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A parent company rewarding managers on profit centers can simply
a. Subtract division costs from the division revenue and reward the manager on the difference b. Add the division costs to the division revenue and reward the manager on the sum c. Reward the manager on the revenue of the division d. Reward the manager on the costs of the division
A competitive price-searcher market is best described as
a. many firms with some control over price, and some product differentiation. b. many firms with no control over price, producing identical products. c. a few firms with some control over price, producing highly differentiated products. d. a few firms with no control over price, producing similar products. e. a single firm producing all of the output for the industry, with strong control over price.
Bank runs
a. will affect neither the money supply nor the money multiplier. b. increase the money supply. c. can be neither prevented nor mitigated by the Federal Reserve. d. are a problem because banks only hold a fraction of deposits as reserves.
If producers who hire labor in a competitive labor market decide to purchase the new automated machine that completes the work of 30 employees, we would expect the labor-demand curve to shift to the:
A. left and wages would rise. B. right and wages would rise. C. left and wages would decrease. D. right and wages would decrease.