The economist George Stigler offered support for the Sherman Act when he said
A) competition can only be preserved by protecting competitors from cutthroat competition.
B) conglomerate mergers could not be prevented or regulated if it were not for the Sherman Act's prohibition of combinations in restraint of trade.
C) predatory pricing costs businesses more than it saves consumers.
D) the ghost of Senator Sherman is an ex officio member of the board of directors of every large company.
E) the Sherman Act is essential if the Clayton act is to be enforceable in any way.
D
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Economists use game theory to analyze strategic behavior, which takes into account
A) monopoly situations. B) the expected behavior of others and the recognition of mutual interdependence. C) the price-taking behavior of oligopolists. D) non-price competition. E) that increased demand decreases the market power of the firms in the market.
The major determinant of an individual's income is
a. whether or not his family is wealthy. b. his personality-if the coworkers and the boss like him. c. how productive he is combined with demand for what he produces. d. if he earns a salary or if he is paid by the hour.
Corporate profits and proprietors' profits in 2009 constituted about ___% of national income.
Fill in the blank(s) with the appropriate word(s).
The Lorenz curve portrays:
A. the functional distribution of income. B. the ratio of labor to capitalist income. C. the personal distribution of income. D. income equality.