In the Microsoft antitrust case, the federal government said in essence that:
A. the mere presence of monopoly violated the Sherman Act, irrespective of Microsoft's
behavior.
B. Microsoft was a "bad monopoly."
C. Microsoft was generally a "good monopoly" but that its tying contracts involving Internet
Explorer violated the Clayton Act.
D. the case was similar to the U.S. Steel case of 1920.
Answer: B
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Accounting profits are typically
A) greater than economic profits because accounting profits do not include explicit costs. B) greater than economic profits because accounting profits do not include implicit costs. C) smaller than economic profits because accounting profits do not include explicit costs. D) equal to economic profits in the long run.
Bank reserves are:
A. loans issued by banks deposited into checking accounts. B. checks held by depositors. C. cash and deposits a bank keeps on hand or at the central bank. D. real assets deposited at banks.