A law that encourages market competition by prohibiting firms from gaining or exercising excessive market power is
a. a patent
b. in conflict with the Constitution
c. supported by laissez-faire advocates
d. impossible to enforce
e. an antitrust law
E
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From an economic standpoint, if one believes that a group would be better off from a policy change, this implies that _____
a. a majority of the group would be better off because of the change b. a super-majority of the group would be better off because of the change c. everyone in the group would be better off because of the change d. the total effect of the change is positive, even if most individuals are not better off
Economic theory suggests that if natural resources can be held as private property, then
A) conservation will be nonexistent. B) owners will have an incentive not to abuse them. C) natural resources will be sold off for immediate use. D) people will simply hold them and refuse to make them available.
The reason that a salaried salesman is not working diligently in making high margin sales for the principal could be
a. Adverse selection b. Moral hazard c. All of the above d. None of the above
The economizing problem is essentially one of deciding how to make the best use of
a. limited resources to satisfy limited wants. b. unlimited resources to satisfy limited wants. c. limited resources to satisfy virtually unlimited wants. d. unlimited resources to satisfy unlimited wants.