Briefly review the history of antitrust legislation in the United States
The Sherman Act of 1890 prohibited all contracts, combinations and conspiracies in restraint of trade" and monopolization in interstate and foreign trade.
The Clayton Act of 1914 prohibited price discrimination, "exclusive contracts", "tying contracts", acquisition by one corporation of another's shares if it reduces competition, and directors of one company from sitting on the board of a competitor's company.
The Federal Trade Commission Act of 1914 established the FTC as an independent agency with authority to prosecute unfair competition and to prevent false and misleading advertising.
The Robinson-Patman Act of 1936 prohibited special discounts and other discriminatory acts.
The Celler-Kefauver Act of 1950 prohibited any corporation from acquiring the assets of another where the effect is to reduce competition substantially.
The Tunney Act of 1974 ensured that settlements between antitrust defendants and the government are in the public interest by requiring the government to publish the terms of each settlement, along with a statement of its likely competitive impact.
The Hart-Scott-Rodino Act of 1976 required companies to notify the DOJ and the FTC before completing mergers and acquisitions and establishes a 30-day post-notification waiting period.
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If marginal product is equal to average product, then total product is at a maximum
Indicate whether the statement is true or false
Refer to Figure 28-4. Consider the shift in the short-run Phillips curves shown in the above graph. This shift may be explained by
A) either an increase in the natural rate of unemployment from 5.0 to 6.2 percent or an increase in the expected rate of inflation from 4.0 to 5.5 percent. B) an increase in the expected rate of inflation from 4.0 to 5.5 percent. C) an increase in the natural rate of unemployment from 5.0 to 6.2 percent. D) None of the above is correct.
What additional complexities arise when multinational corporations consider capital projects on a global basis?
What will be an ideal response?
Peter's Pizzeria sells both pizzas and wings. It wants to increase the sales of its pizzas. If it decides to increase the price of the wings, it is assuming that
a. the pizza and the wings are substitutes b. the pizza and the wings are complements c. the pizza and the wings are unrelated in demands d. it cannot increase the sales of its pizzas