A law that prohibits certain kinds of market behavior such as monopoly and monopolistic practices is called ________
A) a consumer surplus law
B) a trust law
C) an antitrust law
D) an anti-monopoly law
C
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Historical demand curves are always suspect because their demand curves are likely to have shifted over time.
Answer the following statement true (T) or false (F)
We would expect the euro to depreciate when there is a __________ shift in the euro demand curve or a __________ shift in the euro supply curve
A) rightward; rightward B) rightward; leftward C) leftward; rightward D) leftward; leftward
If the absolute value of the price elasticity of demand for a product is 1.5, and the price of a product increased 30 percent, then the quantity demanded will decline by
A) 45 percent. B) 20 percent. C) 5 percent. D) 10 percent.
When no property rights exist
A) no one has an economic incentive to care for common property, and an externality may well occur. B) there will be no production. C) externalities will be internalized by voluntary arrangements among a small group of parties. D) society will produce beyond the production possibilities frontier, but the allocation of resources is not apt to be optimal.