Government attempts to prohibit monopolization of a market are known as
a. antitrust regulation
b. economic regulation
c. social regulation
d. anticompetitive regulation
e. Herfindahl regulation
A
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When Thurston catches 10 fish a day, he can gather a maximum of 40 coconuts, and when he catches 20 fish a day, he can gather a maximum of 30 coconuts. If Thurston's opportunity cost of producing each good increases as he produces more of it, and he decides to catch 30 fish a day, then the maximum number of coconuts he can gather must be:
A. equal to 20. B. less than 20. C. greater than 20. D. greater than 10.
Suppose the market for "soda X" is in equilibrium. If the FDA announced today that this soda has been proven to cause a fatal disease, what would be most likely to happen to the equilibrium price and equilibrium quantity of soda X?
A. Price increases and quantity increases B. Price decreases and quantity increases C. Price increases and quantity increases D. Price decreases and quantity decreases
Exhibit 2-3 Production possibilities curve data A B C D E Capital goods 0 1 2 3 4 Consumer goods20 18 14 8 0 According to the data given in Exhibit 2-3, the production of 1 unit of capital goods and 20 units of consumer goods:
A. is possible but would be inefficient. B. may be a result of unemployment. C. may be a result of unused natural resources. D. is not feasible with current resources and technology.
Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to
A) Canadian manufacturers. B) the Canadian government. C) manufacturers who export to Canada. D) Canadian consumers.