The antitrust legislation that made it illegal for a firm to buy a competitor's patents, plant, and equipment was the
a. Sherman Antitrust Act
b. Cellar-Kefauver Act
c. Robinson-Patman Act
d. Clayton Act
e. FTC Act
B
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If the graph shown represents Celia's budget constraint, which of the following must be true?
A. Celia will spend twice as much on earrings as she does hairbands.
B. Celia could consume either four pairs of earrings or eight hairbands.
C. Celia gets twice as much utility from earrings as she does from hairbands.
D. All of these are true.
Why does a country's increased specialization due to trade raise issues of fairness?
What will be an ideal response?
If there is a financial panic and increased uncertainty about the returns in the stock market and bond market, what is the likely effect on money demand?
A. Money demand rises. B. Money demand declines first, then rises when inflation increases. C. The overall effect is ambiguous. D. Money demand declines.
A perfectly competitive firm can
A) sell all of its output at the prevailing market price. B) set a higher price to customers who are willing to pay more. C) raise its price in order to increase its total revenue. D) sell additional output only by lowering its price. E) usually not sell all the output it produces, but still "over-produces" because there are some periods when it can sell the extra output at very profitable prices.