Interlocking directorates are illegal under the Clayton Act whether or not the effect is to lessen competition substantially
a. True
b. False
Indicate whether the statement is true or false
True
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If consumers completely cease purchasing a product when its price increases by any amount, then demand is:
A. unit elastic. B. perfectly inelastic. C. perfectly elastic. D. inelastic.
An optimizing economic agent will use the ________ rate while calculating the economic cost of a loan
A) exchange B) nominal interest C) real interest D) tax
Monopolistic competition differs from monopoly because in monopolistic competition
A) firms maximize profits. B) firms set marginal revenue equal to marginal cost to maximize profit. C) firms are free to enter and exit. D) All of the above are differences between monopoly and monopolistically competitive firms.
A patent grants an inventor exclusive rights to a product for how long?
A) 14 years B) 17 years C) 20 years D) the lifetime of the product