The Clayton Act of 1914:
a. was too vaguely worded to reduce anticompetitive behavior significantly
b. prohibited conspiracies in restraint of trade
c. prohibited price discrimination that reduces competition and cannot be justified based on cost differences
d. created the Federal Trade Commission
c
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The most important determinant of the price elasticity of demand for a good is
A) the share of the good in the consumer's budget. B) whether the good is a necessity or a luxury. C) the definition of the market for a good. D) the availability of substitutes for the good.
Why does a single-price monopoly produce a smaller output and charge more than the price that would prevail if the market were perfectly competitive?
What will be an ideal response?
Sustained federal deficits tend, other things the same, ________
A) to decrease income inequality in the United States B) to decrease income inequality in Europe but not the United States C) to increase income inequality in the United States D) have little effect on the distribution of income in market economies
Which situation is consistent with the law of diminishing marginal utility?
A. The more pizza Joe eats, the more he enjoys an additional slice B. The more pizza Joe eats, the less he enjoys an additional slice C. Joe's marginal utility from eating pizza becomes positive after eating three slices D. Joe's marginal utility from eating pizza reaches a maximum when total utility is zero