The first important federal law passed to regulate monopolies in the United States was the

Some of the nation's best minds are occupied with devising schemes to avoid taxes and to transfer income to favored groups at the expense of market efficiency. This is called _____

A) hedging. B) pork-barrel spending. C) rent seeking. D) skimming. E) profiteering.

What happens to a monopolistically competitive firm that begins to charge an excessive price for its product?

a. The firm will go out of business. b. Consumers will substitute a rival's product. c. Consumers will boycott the product. d. The government will regulate the price.