ALCOA was found guilty of violating the antitrust statutes in 1945 because it:
A. forced competing firms out of business with unfair business practices.
B. used its knowledge of the market to expand its capacity before any competitors had a chance to enter the market.
C. had engaged in unfair pricing practices.
D. exploited its monopoly power to charge high prices.
Answer: B
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In the long run, an increase in government purchases of military equipment would cause output to ________ and the aggregate price level to ________
A) stay constant; fall B) fall; fall C) fall; stay constant D) stay constant; rise
When talking about aggregate supply, it is necessary to
A) focus on the short run. B) focus on the long run. C) distinguish between the long-run aggregate supply curve and the short-run aggregate supply curve. D) distinguish between the long-run aggregate supply curve and the long run aggregate demand curve when all adjustments to price level changes have been made.
To gain from price discrimination, price searchers
a. must charge a higher price to those with a more inelastic demand. b. must be pure monopolists. c. must have small economies of scale d. must have access to widely available natural resources.
__________________ is attained when the maximum possible output of any one good is produced, given the output of other goods.
A. Productive efficiency B. Economic growth C. Opportunity cost D. Employment discrimination