Which of the following is least accurate about the meat packing industry about 1900?
a. The 1898 "embalmed beef" scandal documented how adulterated beef was provided to the American Army during the Spanish-American War.
b. Upton Sinclair's 1906 novel The Jungle raised national concern about the unsanitary conditions involved in meat processing.
c. Meat packing firms welcomed government regulation of the industry because it gave firms clear and accurate public information about the shipments of every other firm, which helped firms to engage in cartel behavior.
d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
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Which of the following statements is true?
a. In the long run, for any output level a firm can select a plant size that will allow it to minimize average total cost. b. In the long run, the firm is committed to a particular plant size, and can only vary such resources as labor and some material inputs. c. In the long run, the firm is committed to a particular plant size, and thus cannot vary any input. d. The long-run average cost curve connects the minimum points on marginal cost curves for different plant sizes.
How effective have antitrust laws been in breaking up existing monopolies?
What will be an ideal response?