The application of current US antitrust law
A. extends its long reach to block mergers that reduce competition.
B. reaches beyond the subjective judgments of antitrust regulators.
C. includes a wide arrange of anticompetitive practices.
D. includes a narrow range of anticompetitive practices.
Ans: C. includes a wide arrange of anticompetitive practices.
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Refer to Table 2-13. What is Horace's opportunity cost of bathing a cat?
A) one and a half groomed dogs B) two groomed dogs C) two-thirds of a groomed dog D) half a groomed dog
The endowment effect suggests that that people
A) are concerned about the welfare of others. B) act in ways to distort market prices. C) have a strong attachment to their entitlement, regardless of whether they paid to acquire it. D) have a strong sense of fairness.
Spontaneous order is an idea of:
a. Keynes b. Schumpeter c. Marx d. Lange e. None of the above
Suppose the price elasticity of supply for crude oil is 2.5. How much would price have to rise to increase the quantity supplied by 20%?
A. 20% B. 8% C. 12.5% D. 45%