The Sherman Act
a. created the Federal Trade Commission
b. established the Department of Justice Guidelines
c. regulated railroad and trucking industries
d. outlawed restraints of trade
e. forbade price discrimination
D
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Refer to Figure 12-10. The firm's short-run supply curve is its
A) marginal cost curve. B) marginal cost curve from d and above. C) marginal cost curve from b and above. D) marginal cost curve from c and above.
If a 5 percent change in the price of a good elicited a 5 percent change in the quantity demanded of the good, we would say that over this range of prices the good has a(n)
A) elastic demand. B) inelastic demand. C) perfectly elastic demand. D) unit elasticity of demand.
Which of the following is a period of decreasing output that is severe and long lasting?
a. business cycle b. expansion c. peak d. recession e. depression
An approach that can be taken by someone directly involved in a transaction to solve the problems caused by information asymmetry is:
A. statistical discrimination. B. proofing. C. mandating that information be shared. D. All of these are ways to solve information asymmetry.