Congress established the ________ to investigate "…the organization, business conduct, practices, and management" of companies that engage in interstate commerce.
A. National Transportation Board
B. Antitrust Division of the Justice Department
C. Interstate Commerce Commission
D. Federal Trade Commission
Answer: D
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In the United States, the death rate has been decreasing for a number of reasons. According to the book which is not a reason
a. Decrease in infant mortality b. Increase in life expectancy c. Out migration d. Declining rates of heart disease
Suppose there is only one gas station within hundreds of miles. The owner finds that when she charges $3 a gallon, she sells 199 gallons a day, and when she charges $2.99 a gallon, she sells 200 gallons a day. The owner, obviously, is ________ and the marginal revenue of the 200th gallon of gas is __________
a. a perfect competitor (because all gas stations are perfect substitutes); $.01 b. a monopolist; $1 c. a monopolist; $2.99 d. in monopolistic competition (because gas is perceived as a differentiated product); $3 e. in monopolistic competition (because gas is perceived as a differentiated product); $600
Under a flexible exchange rate system, a nation that offers more attractive investment opportunities than its trading partners can expect to run a
a. surplus on current account transactions. b. deficit on current account transactions. c. balance of trade surplus. d. capital account deficit.
Unlike economic profit, economic rent:
A. may not be driven to zero by competition. B. doesn't involve opportunity costs. C. can be less than zero. D. only applies to land.