Prior to 1914, did antitrust legislation have much effect on monopoly power in the United States?
The Sherman Antitrust Act passed in 1890 was extremely vague and difficult to enforce. As a result, the act was ineffective for years and the federal government did not win its first notable cases against Standard Oil and American Tobacco until 1911.
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The ability to produce an item at a lower opportunity cost compared with other producers is known as
A) competitive dominance. B) productive dominance. C) comparative advantage. D) absolute advantage.
Suppose Niampora, an island country, is the largest exporter of cotton in its region. A recent flood affected a large part of the country. Which of the following will be an impact of the flood on the supply curve of cotton?
a. The supply curve of cotton will shift rightward. b. The supply curve of cotton will shift leftward. c. The supply curve of cotton will become steeper. d. The supply curve of cotton will become flatter.