Which of the following acts prohibits directors of one company from sitting on the board of a competitor?
a. Sherman Act
b. Federal Trade Commission Act
c. Robinson-Patman Act
d. Clayton Act
d
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An inferior good has a ________ elasticity of demand
A) positive income B) negative income C) negative cross D) positive cross E) negative price
If only two people are trading their endowments and no production is possible, then the equilibrium they reach will
A) be on their contract curve. B) result in unequal marginal rates of substitution for the two people. C) result in one person being worse off than with his or her endowment. D) All of the above.
The situation of oligopoly suggests
A) many firms compete in an industry. B) mergers have not occurred. C) interdependence among firms. D) no barriers to entry exist.
The market equilibrium for a public good occurs at the intersection of the market demand and market supply curves
a. True b. False Indicate whether the statement is true or false