A trust is:
A. an agreement among firms to charge the perfectly competitive price.
B. a compact between industry and government.
C. a creation of the Sherman Act.
D. an arrangement between firms whereby decision making is controlled by a board of trustees.
Answer: D
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Compare and contrast Say's views of the macroeconomy with that of Keynes. What does each have to say about the economy in relationship to its potential level of real GDP?
What will be an ideal response?
Find the real exchange rate for the following case: Assume that the representative basket of European goods costs 150 euros and the representative U.S. basket costs $200,
and the dollar/euro exchange rate is $1.20 per euro, then the price of the European basket in terms of U.S. basket is:
A drought in the Midwest will raise the price of wheat because of a
A) leftward shift in the supply curve. B) rightward shift in the supply curve. C) leftward shift in the demand curve. D) rightward shift in the demand curve.
The "law of demand" implies that
A. as prices rise, quantity demanded increases. B. as prices rise, demand increases. C. as prices fall, quantity demanded increases. D. as prices fall, demand increases.