Because most gas stations are small relative to the market in which they operate and gasoline is fairly homogeneous, the market for gasoline is considered to be perfectly competitive

In the estimation of demand, the "identification problem" refers to

A) the problem of selecting the proper level of significance. B) the problem of deciding whether to use time series or cross-sectional data. C) the problem of separating out the effects of price on the quantity demanded when supply cannot be held constant. D) the problem of having insufficient variation in prices.

The act of Congress which prohibited "unfair or deceptive acts or practices in commerce" is called

A) the Federal Trade Commission Act of 1914. B) the Clayton Act. C) the Sherman Act. D) the Robinson-Patman Act.