Which of the following is concerned primarily with price discrimination?
a. The Sherman Antitrust Act.
b. The Clayton Act.
c. The Robinson-Patman Act.
d. The Celler-Kefauver Act.
c
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Explain what economists mean when they characterize the income tax system as progressive
What will be an ideal response?
According to the Coase approach, to achieve socially optimal outcome, two sides must bargain. The bargaining might not be successful because
A) transaction costs are ignorable. B) firms engage in strategic bargaining. C) both sides have perfect information. D) None of the above.
Refer to Figure 5.6. Which diagram shows a decrease in income with bread being normal and soup being inferior?
A. A
B. B
C. C
D. D
If a society relies on competitive markets to allocate goods, then
A) an equitable distribution is assured. B) an equitable distribution is certain to not occur. C) the competitive equilibrium will be Pareto-superior to any other. D) social welfare as measured by consumer surplus plus producer surplus will equal zero.