From the late 1930s until the early 1970s, courts tended to follow per se rules when deciding antitrust cases. According to these rules,
a. a firm's control of a large market share was considered intrinsically illegal.
b. the existence of only one or two firms in an industry was not necessarily an antitrust violation.
c. both market share and predatory practices must be considered in determining whether a firm had violated the law.
d. the court should only intervene if the firm charged "unfair" prices.
a. a firm's control of a large market share was considered intrinsically illegal.
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The difference between the short-run and the long-run is
A) three months, or one business quarter. B) the time it takes for firms to change all inputs in the production process. C) the time it takes for firms to change only their variable inputs. D) More information is required to answer this question.
The less bowed the Lorenz Curve, the
A) more equal the income distribution. B) less equal the income distribution. C) greater the number of low-income people. D) greater the number of high-income people.
If you owned a small farm, which of the following would most likely be a fixed cost of production in the short run?
A. Hail insurance B. Harvest labor C. Seed D. Fertilizer
Invention is the act of generating a new idea.
Answer the following statement true (T) or false (F)