The legislation which outlawed tying contracts was the:
A. Sherman Act.
B. Clayton Act.
C. Robinson-Patman Act.
D. Celler-Kefauver Act.
Answer: B
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If taxes are cut, there is
A) an increase in aggregate demand and the AD curve shifts rightward. B) a decrease in aggregate demand and the AD curve shifts leftward. C) an increase in the quantity of real GDP demanded and a movement up along the AD curve. D) a decrease in the quantity of real GDP demanded and a movement down along the AD curve. E) no change in aggregate demand, only a change in potential GDP.
Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many swords will Estonia consume?
A) 75 B) 100 C) 125 D) 200
Company A manufactures a single automotive component. It had total revenue of $100,000 and an economic profit of $20,000. What is the price of the component it manufactures?
A. ($100,000/quantity sold). B. ($100,000/quantity produced). C. ($100,000/quantity sold) ? average cost of the product. D. ($100,000/quantity produced) ? average cost of the product.
When will a shortage occur in a market?
a. When the actual price is lower than the equilibrium price b. When quantity supplied is greater than the equilibrium quantity c. When the quantity that consumers are willing and able to purchase decreases d. When the quantity available at zero price is insufficient to meet demand e. When a price floor is set in the market