Which of the following would be illegal under the Robinson-Patman Act?
a. Ford and General Motors meet to fix the price of cars.
b. Computer makers form a cartel.
c. General Mills and Kelloggs decide to merge.
d. Exxon sells gas at a higher wholesale price to independent gas retailers than to Exxon retailers.
e. Exxon Oil and Mobil Oil elect the same person to their boards of directors.
d
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Which of the following is a determinant of the price elasticity of demand for a product? I. The existence of substitute goods II. The percentage of a consumer's total budget devoted to purchases of that commodity
A) I only B) II only C) both I and II D) neither I nor II
Positive analysis can be described as
A. a value-free approach to inquiry. B. a study that is not tested empirically. C. the study of whether people respond to negative incentives. D. the study of whether people respond to positive incentives.