What is the purpose of antitrust legislation?
What will be an ideal response?
Antitrust legislation makes illegal certain economic activities. These activities involve restraining trade and inhibiting free competition among rival firms in the marketplace. The aim is to reduce the economic power of monopolies.
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What is the "invisible hand"?
What will be an ideal response?
The WTO seems at times to be interfering in domestic policy since
A) the line between domestic policies and de factor protectionism is often fuzzy. B) it is a supra-national organization with the power to overturn governments. C) it determines which nations may trade what with whom. D) it punishes naughty nations. E) it exempts the U.S. and other powerful member nations from many of its edicts.
Consumption smoothing is a logical consequence of ________
A) basing decision-making on real rather than nominal interest rates B) the convexity of indifference curves and the ability to borrow and lend C) the negative slope fo the intertemporal budget constraint D) rational expectations
If the demand curve of a market is P = 14 - Q and the supply curve is P = 2 + 2Q, what is the surplus created if a price support of 12 is imposed in the market?
What will be an ideal response?