The statement "Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce . . ." is found in the
A. Interstate Commerce Commission Act.
B. Sherman Antitrust Act.
C. Clayton Antitrust Act.
D. Robinson-Patman Act.
Answer: B
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A perfectly price inelastic supply curve is:
a. horizontal. b. nonlinear and upward sloping. c. vertical. d. a straight line from the origin.
Assume that Joe is willing to produce a hamburger for $1, and Mary is willing to pay $3 for a hamburger. Which of the following is true?
A. Joe and Mary will only trade if the equilibrium price is less than $1. B. Joe and Mary will not trade in equilibrium. C. Joe and Mary can make a mutually beneficial exchange. D. Joe and Mary cannot make a mutually beneficial exchange.
Suppose Acme and Mega produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
Suppose Acme and Mega decide to collude and work together as a monopolist with each firm producing half the quantity demanded by the market at the monopoly price. If Mega cheats on the agreement by reducing its price to $1 while Acme continues to comply with the collusive agreement, then Mega will then sell ________ units and Acme will sell ________ units.
A. 100; 0 B. 100; 50 C. 150; 0 D. 150; 50
If Nepal is a net importer of computers, free trade will hurt the
A. poor citizens of Nepal. B. domestic producers of computers. C. rich citizens of Nepal. D. domestic consumers of computers.