Which of the following does the Sherman Antitrust Act forbid?
a. Monopolization or attempts to monopolize
b. All types of price discrimination
c. Competition among firms
d. Unfair methods of competition
e. Privatization of government owned firms
a
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At equilibrium in a market for a product, the total revenues received by sellers equal the
A. market producer surplus. B. total amount spent by buyers on the product. C. market consumer surplus. D. total profit of sellers.
Firms pay famous individuals to endorse their products because
A) famous people only consume high-quality products. B) apparently demand is affected not just by the number of people who use a product but also by the type of person that uses the product. C) famous people obviously know what are the best goods and services. D) the firms are irrational and are wasting advertising expenditures.
Which of the following statements best describes the union movement between 1800-1860?
a. Unions were composed primarily of craftsmen. b. Unions were concentrated primarily in rural towns and villages. c. Union membership grew consistently through the period and comprised a substantial portion of the working population. d. Women were more likely to belong to unions than men.
In a self-regulating economy, a recessionary gap will be eliminated by falling wages which will shift the SRAS curve to the right
Indicate whether the statement is true or false