In the 1970s, members of the Law and Economics program at the University of Chicago argued that
a. per se rules should be adopted by the Supreme Court and used to decide antitrust cases.
b. large firms should always be broken up in order to encourage competition.
c. large market shares may be due to efficient management or innovation.
d. courts should "get out of the antitrust business".
c. large market shares may be due to efficient management or innovation.
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A decrease in "financial frictions" is associated with ________
A) a decrease in the credit spread B) more efficient functioning of financial markets C) reduced real cost of borrowing for businesses D) an increase in planned investment spending E) all of the above
Critics of advertising argue that firms use advertising to manipulate consumers' tastes
a. True b. False Indicate whether the statement is true or false
In which case do firms have some control over their price?
a. monopolistic competition and perfect competition b. oligopoly but not perfect competition c. perfect competition but not monopoly d. neither monopolistic competition nor oligopoly
What might cause a decrease in current supply of a product?
A. A decrease in the price of one of the inputs used to make the product B. An increase in the product's own price C. New information that leads sellers to believe that the product's price will fall in the future D. New information that leads sellers to believe that the product's price will rise in the future