The Sherman Act:
A. was declared unconstitutional in 1895.
B. provided for government regulation of the railroads.
C. declared monopoly and restraints of trade to be illegal.
D. exempted the railroad and communications industries from the antitrust laws.
Answer: C
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
If you dump trash in a vacant lot despite regulations against it, then you are
A) saving landfill space and creating a social benefit. B) acting rationally and generating a positive externality. C) avoiding the private costs associated with disposing your trash some other way and creating a social cost. D) acting economically irrational and creating a social cost.
Sunk costs are irrelevant to economic decisions because
A) they are merely opportunity costs rather than monetary expenditures. B) they cannot affect a firm's net revenue. C) they do not appear on financial statements. D) they represent no opportunity for choice.
Monopsonistic exploitation is
A) measured by the area above the supply curve but below the wage paid. B) the difference between the marginal revenue product of a worker and the wage received by the worker. C) measured by the height of the supply curve of labor. D) the cost to society from unions.