The Celler-Kefauver Act of 1950:
A. extended antitrust legislation to proprietorships and partnerships.
B. made it illegal to monopolize a market.
C. outlawed asset-purchase mergers that would substantially reduce competition.
D. outlawed price discrimination for the purpose of reducing competition.
Answer: C
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Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
Can it be efficient for one trader to consume all units of the goods while the other trader consumes nothing? In other words, does this point lie on the contract curve?
What will be an ideal response?
Assume the graph shown represents Dawn's budget constraint. If Dawn's income to spend on these two items increased and Dawn spends all her income on these two goods, then Dawn's total utility from consuming these two goods:
A. will likely go up, since she can afford more of both goods now.
B. will likely go down, since her marginal utility of additional items decreases the more she consumes.
C. will likely go down, since she is probably sick of these two things already.
D. will likely go up, since her marginal utility of additional items increases the more she consumes.
DeBeers was able to profit the most from the diamond market by selling a:
A. lot of diamonds at low prices. B. few diamonds at high prices. C. lot of diamonds at high prices. D. few diamonds at low prices.