Economists who adhere to the laissez-faire antitrust perspective:
A. view competition as a long-run dynamic process in which firms battle for dominance of
markets but rarely can sustain such dominance once it is achieved.
B. believe the antitrust laws are as important today as they were when they were passed in
the early 1900s.
C. say that an industry's structure, which is based on economies of scale, usually predicts the
behavior of the industry firms.
D. contend that large, dominant firms should be broken into smaller competitive firms and
then government should stand back and let competition prevail.
Answer: A
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Public goods are those for which
A) individuals who do not pay can be excluded from consuming the good. B) individuals who do not pay cannot be excluded from consuming the good. C) external costs exist. D) no external costs exist.
The Gramm-Leach-Bliley Act (GLBA), passed by the U.S. Congress in the year 1999, allows commercial banks to:
a. operate in all foreign countries. b. open new branches in Cuba. c. expand their business into other areas of finance, including insurance and selling securities. d. raise reserve requirements for other financial institutions. e. eliminate unit banking.