The Celler-Kefauver Act of 1950:
A. extended antitrust legislation to proprietorships and partnerships.
B. made it illegal to monopolize a market.
C. outlawed asset-purchase mergers that would substantially reduce competition.
D. outlawed price discrimination for the purpose of reducing competition.
Answer: C
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Under a floating exchange rate system with mobile international capital, it is always true that current account
a. deficit + capital account surplus = trade deficit. b. surplus ? capital account surplus = trade deficit. c. surplus + capital account deficit = 0. d. surplus ? capital account surplus = 0.
Other things the same, in the long run a country that reduces the minimum wage from very high levels will have
a. higher unemployment and lower inflation b. lower unemployment and higher inflation c. higher unemployment and the same level of inflation d. lower unemployment and the same level of inflation
Say you own a Mexican place that produces, among other things, Mexican burritos. Your production of burritos is given by the equation Q = 6KL2, where Q is the amount of burritos, K is the amount of capital and L is the amount of labor. How many workers would you need to use in order to minimize the cost of producing 100 burritos when the capital is, K, is 20?
A. 0 B. 2 C. 1 D. 4
In a perfectly competitive market, why do suppliers rarely charge more than the current market price?
a. The suppliers’ union would not allow the supplier to charge a higher price. b. Buyers could easily choose another supplier. c. Buyers often don’t have enough money to purchase a higher-priced good. d. The suppliers’ employees would go on strike.