A "great merger movement," whereby firms combined with former rivals to become large firms, began in the 1890s. Who was the first President to look to bigger government as a way to cope with the economic power of these concentrated industries?

An effective price ceiling causes a loss of

A) producer surplus for certain and possibly consumer surplus as well. B) consumer surplus only. C) producer surplus only. D) consumer surplus for certain and possibly producer surplus as well. E) neither producer nor consumer surplus.

When PAE increases we expect that economy will be at ________ levels of equilibrium GDP.

A. higher B. cycling C. constant D. lower