"Good" trusts were exempt from antitrust prosecution under the:
a. per se rule.
b. Sherman Act.
c. Clayton Act.
d. rule of reason.
d
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Christy's Haircuts, the sole supplier of haircuts in a small town, faces the demand schedule shown in the table above. What is Christy's marginal revenue from the 25th haircut?
A) zero B) $5.00 C) $17.50 D) $50.00
After enjoying a perfectly delicious meal, Duane treats himself and orders a very expensive dessert. After one bite, Duane realizes he does not care for it at all. He chokes it down while thinking about the money he just wasted on it. Duane's decision to eat the entire dessert is an example of:
A. irrational behavior. B. a cognitive bias, because he is focused on the money spent on the dessert. C. emphasizing a sunk cost instead of weighing marginal costs and benefits. D. Duane's behavior exemplifies all of these.
If a farmer buys one-hundred more acres for her flower farm, she is making a
A. short-run decision. B. long-run decision. C. immediate-run decision. D. variable-input decision.
The minor league system in professional baseball can be thought of as
A) a screening tool. B) a signaling tool. C) a form of statistical discrimination. D) being used for the wrong reasons.