Outline the purpose of antitrust laws. What do they accomplish?
The purpose of antitrust laws is to move markets toward a competitive equilibrium outcome. These laws are used to prevent behavior that would lead to excessive market power by any single firm.
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Goods differ on the basis of whether their consumption is rival and excludable. Explain the terms "rival," nonrival," "excludable," and "nonexcludable" as they are used to define goods
List the four categories of goods and define these categories in terms of rivalry and excludability.
If banks have no excess reserves, and the required reserve ratio is raised, the amount that banks can lend is:
A. reduced and the money supply contracts. B. reduced and the money supply expands. C. reduced and there is no change in the money supply. D. increased and the money supply expands.