The act of Congress which prohibited "unfair or deceptive acts or practices in commerce" is called
A. the Federal Trade Commission Act of 1914.
B. the Sherman Act.
C. the Clayton Act.
D. the Robinson-Patman Act.
Answer: A
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Mary is willing to pay $50 for a Christmas tree, John is willing to pay $45 and Jeff is willing to pay $40. The price of a tree is $40. The total consumer surplus for Mary, John and Jeff taken together is
A) $15. B) $135. C) $40. D) $95. E) $120.
In the economic way of thinking, the right to coerce adults is
A) immoral. B) a property right. C) the most efficient way for management to control labor. D) necessarily antithetical to a free and open society. E) good because it's rooted in the Old Testament.
The relationship between the rate of saving and per capita real GDP is
A) positive. B) negative. C) constant. D) not stable.
When the market price is below the equilibrium price, suppliers are unable to sell all they want to sell
a. True b. False Indicate whether the statement is true or false