The Sherman Antitrust Act of 1890 was not well understood because
(a) skilled lawyers were not involved in its creation.
(b) judges were mainly political hacks and therefore were unable to follow the logic of the Act.
(c) vested interests had been allowed too much influence in drafting the legislation.
(d) the purpose of the legislation was not sufficiently clear when it was drafted.
(d)
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Other things the same, a fall in an economy's overall level of prices tends to
a. raise both the quantity demanded and supplied of goods and services. b. raise the quantity demanded of goods and services, but lower the quantity supplied. c. lower the quantity demanded of goods and services, but raise the quantity supplied. d. lower both the quantity demanded and the quantity supplied of goods and services.
Calculate the firm's total profit.
First-price auctions have all the following properties EXCEPT
a. Highest bid wins b. Highest bidder pays her winning bid c. The good is assigned to the second-highest bidder d. The price is set to the highest bid
Refer to Scenario 12.2. This scenario describes a volunteer's dilemma
Explain what would likely happen if the pool of potential kidney donors increased from 2 friends (Jerome and Eliza) to 4 friends in terms of the likelihood of any one person volunteering to donate a kidney and in terms of the likelihood that no one at all would donate a kidney.