The economist George Stigler offered support for the Sherman Act when he said
A) competition can only be preserved by protecting competitors from cutthroat competition.
B) conglomerate mergers could not be prevented or regulated if it were not for the Sherman Act's prohibition of combinations in restraint of trade.
C) predatory pricing costs businesses more than it saves consumers.
D) the ghost of Senator Sherman is an ex officio member of the board of directors of every large company.
E) the Sherman Act is essential if the Clayton act is to be enforceable in any way.
D
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The above figure shows the demand and cost curves for a firm in monopolistic competition. The firm earns total revenue of
A) $120. B) $40. C) $160. D) $0.
Under a fixed exchange rate system, if an appreciation in the value of a country's currency develops, the monetary authorities must intervene by ________
A) selling foreign exchange B) buying and selling the domestic currency C) raising the foreign interest rate D) buying foreign exchange