The Clayton Act of 1914:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition.
B. made it illegal to monopolize a market.
C. repealed the Sherman Act.
D. outlawed price discrimination for the purpose of reducing competition.
Answer: D
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The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If a $1 tariff is imposed on imported rice, the change in consumer surplus is
A) c + d. B) c + d +g. C) a + b + c + d. D) f + g.
Consider a firm that produces 500,00 . units per year. The firm's fixed costs are $100,000 . marginal costs are $250 and the price per unit is $400 . In the short-run, how low can price go before it is profitable to shut down?
a. $150 b. $250 c. $250.20 d. $400
In the 1960s, government policy makers believed that they could: a. stabilize the economy by letting the market system solve all problems. b. reduce unemployment by running federal budget surpluses
c. eliminate government's role in stabilization policy. d. use changes in the money supply to virtually eliminate business cycles. e. use taxation and government spending to fine-tune the economy.
Scarcity impels an individual to make choices
a. True b. False Indicate whether the statement is true or false