In the 1970s, members of the Law and Economics program at the University of Chicago argued that
a. per se rules should be adopted by the Supreme Court and used to decide antitrust cases.
b. large firms should always be broken up in order to encourage competition.
c. large market shares may be due to efficient management or innovation.
d. courts should "get out of the antitrust business".
c. large market shares may be due to efficient management or innovation.
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A product is produced in a monopolistically competitive industry with scale economies. If this industry exists in two countries, and these two countries engage in trade with each other, then we would expect
A) each country will export different varieties of the product to the other. B) the country in which the price of the product is lower will export the product. C) the country with a relative abundance of the factor of production in which production of the product is intensive will export this product. D) neither country will export this product since there is no comparative advantage. E) the countries will trade only with other nations they are not in competition with.
The unemployment rate is calculated as: a. the number of officially unemployed persons divided by the number of officially employed persons
b. the number of officially employed persons divided by the number of officially unemployed persons. c. the number of officially unemployed persons divided by the number of officially employed plus unemployed persons. d. the number of officially unemployed persons divided by the population.