U.S. dollars can currently be exchanged for gold by foreign central banks, but not by U.S. citizens
Indicate whether the statement is true or false
FALSE
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One school of anti-trust thought argues that, rather than ensuring efficiency, anti-trust laws are really aimed at
A) protecting small independent firms against large corporations. B) outlawing all monopolies whether they perform "bad acts" or not. C) price differentiation due to differences in quality and cost. D) restricting interlocking directorates.
If four large commercial contractors meet and collude on the bids they are going to submit for a large government road contract, this is an example of ________.
A) bid suppression B) output restrictions C) bid rigging D) market division
Higher prices
A. are always against the public interest. B. may sometimes serve the public interest. C. should never be allowed. D. occur automatically for abundant goods.
The term price taker is used to describe a situation in which consumers have no influence over the market price for a good or service and must take whatever price is set by the economically powerful firms
a. True b. False