Dominant firms which assigned control to a single decision group, that formed in several industries in the U.S. in the 1870s and 1880s, were referred to as:
A. Trusts
B. Mergers
C. Tying contracts
D. Single-seller monopoly
A. Trusts
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Which of the following is a condition for maximum profit?
A) VMP = W. B) VMP = MC. C) MP = W. D) MC = W.
Why does a profit-maximizing firm hire labor up to the point where the value of marginal product equals the wage rate?
What will be an ideal response?
If a good is congestible, then _____
a. the optimal sharing group is a the national level b. the optimal club size is where marginal reduction in cost per user is minimized c. some congestion is optimal d. marginal costs are constant for any possible output level
In the United States, a patent gives the patent holder exclusive rights to an invention for typically how many years?
A) 20 B) 5 C) lifetime of patent holder D) 15