In 1911 the Supreme Court formulated the _________, which stipulated that bigness itself was no offense as long as that bigness was not used against rival firms.
Fill in the blank(s) with the appropriate word(s).
rule of reason
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The market price for any good or service sold in a perfectly competitive market is determined by
A. Government regulation. B. Supply and demand. C. The largest firm in the industry. D. Strategic interaction.
Which of the following is an illustration of the backward-bending supply curve? a. Alex Maxwell is cutting down on the number of hours he works a week because the wage rate he receives has increased
b. Tim Duncan's wage rate is so high that he cannot stop working (playing professional basketball) even though he would like to retire. c. The more Patrick Roy works, the higher is his opportunity cost. d. Steve Hymer quits work because he feels that the employer is paying him a wage rate below his MRP. e. Unskilled workers who do hard (back bending) work earn wages that are considerably below average.
If a monopolist is able to practice perfect price discrimination, there will be no consumer surplus.
Answer the following statement true (T) or false (F)
In Marx's ideal communist society, the state:
a. actively promotes income incentives. b. does not exist. c. follows the doctrine of laissez faire. d. owns resources and conducts planning.