The federal law that prohibits, among other things, price discrimination that lessens competition, the use of tie-in sales, and mergers between firms that reduce competition is the:
A) Sherman Act of 1890.
B) Clayton Act of 1914.
C) Federal Trade Commission Act of 1914.
D) Celler-Kefauver Act of 1950.
B
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An increase in the number of producers of gruel ________ the supply of gruel and shifts the supply curve of gruel ________
A) increases; rightward B) increases; leftward C) decreases; rightward D) decreases; leftward
Suppose that in a Borda count election, outcome X is preferred to outcome Y, and outcome Y is preferred to outcome Z, when outcomes X, Y, and Z are all available options. When Y is removed as an option, however, outcome Z is preferred to outcome X. This would violate Arrow's assumption that voting systems should satisfy
a. unanimity. b. transitivity. c. the independence of irrelevant alternatives. d. no dictators.