The biggest problem with the ________ was that it was unclear what specific acts were to be considered "restraints of trade."
A. Sherman Antitrust Act
B. The Humphrey-Hawkins Act
C. The Clayton Act
D. The FTC Act
Answer: A
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The above figure shows a restaurant engaged in monopolistic competition with other restaurants. The equilibrium price at this restaurant is ________ per meal
A) $20 B) $30 C) $50 D) less than $20 E) more than $50
Halibut tends to be much more expensive than cod. According to the economic way of thinking, relatively high halibut prices can be explained by
A) using the theory of supply and demand. B) pointing out the cause—Halibut boats are often more expensive than boats used to fish for cod. C) acknowledging the price differential is unfair to consumers of halibut. D) acknowledging the price differential is unfair to cod fishermen.
When a perfectly competitive, well-functioning market is not in equilibrium:
A. total surplus can be increased by a change in market price. B. the market is not efficient. C. there are exchanges that can make some better off without someone becoming worse off. D. All of these are true.
Which of the following is included in the study of macroeconomics?
a. Salaries of college professors. b. Computer prices. c. Unemployment in the nation. d. Silver prices.