The Celler-Kefauver Act strengthened the nation's antitrust approach to merger enforcement by
a. making all mergers illegal
b. making all conglomerate mergers illegal
c. creating the Federal Trade Commission
d. providing HHI guidelines the government could use to clarify antitrust enforcement
e. amending the Clayton Act to include the purchase of assets of another company as a potential antitrust violation
E
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Fixed exchange rates serve as a constraint on inflationary government policies
a. True b. False Indicate whether the statement is true or false
If Americans decide to buy more South African diamonds, what is the effect in the exchange market? a. It will increase the supply of U.S. dollars
b. It will decrease the supply of U.S. dollars. c. It will increase the demand for U.S. dollars. d. It will decrease the demand for U.S. dollars.
Tom produces baseball gloves and baseball bats. Steve also produces baseball gloves and baseball bats, but Tom is better at producing both goods. In this case, trade could
a. benefit both Steve and Tom. b. benefit Steve, but not Tom. c. benefit Tom, but not Steve. d. benefit neither Steve nor Tom.
Assume the market for beef is perfectly competitive. Beef producers are currently earning a zero economic profit. If consumers switch from beef to chicken, which of the following is most likely to occur?
A. Beef producers will incur economic losses in the short run. Some producers will exit the industry until those remaining are earning an economic profit. B. Beef producers will incur economic losses in the short run. Some producers will exit the industry until those remaining are earning a zero economic profit. C. Beef producers will now earn economic profits in the short run, and there will be no additional adjustments in the long run. D. Beef producers will now incur economic losses in both the short run and the long run.