Antitrust laws are enforced by:
A. the Department of Commerce.
B. the Federal Trade Commission.
C. the Federal Reserve.
D. the Department of Labor.
Answer: B
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In the figure above, the demand is unit elastic
A) at the point where the price is $3.00 per cup B) at the point where the price is $2.00 per cup C) at the point where the price is $4.00 per cup D) at the point where the price is $2.50 per cup E) at all points along the demand curve
The basic idea behind moral hazard is that ________
A) some economic transactions impose an additional cost on society B) some economic transactions give rise to an additional benefit to society C) people tend to take more risks if they do not have to bear the costs of their behavior D) people do not reveal their true preference for goods that are non-excludable in consumption
Considering this graph, which of the following scenarios would most likely happen?
a. Gunnar decides not to enter the market because it has zero economic profits.
b. Freyja decides to stay in the market because of its high potential for short-term profits.
c. Dagur decides to exit the market because of its steady losses.
d. Birta decides to enter to market because its profits are consistently high.
Other things constant, an increase in the price level will _____
Fill in the blank(s) with the appropriate word(s).