The Celler-Kefauver Act of 1950:
A. established the FTC.
B. closed down a loophole in the Clayton Act by outlawing mergers through the purchase of another firm's physical assets.
C. closed down a loophole in the Sherman Act by outlawing mergers through the purchase of another firm's physical assets.
D. banned tying contracts.
Answer: B
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Which is the most likely effect upon the market for cotton of a significant improvement in the quality of synthetic textiles?
A) A decrease in demand and hence a decrease in both the price of cotton and the quantity exchanged. B) A decrease in demand and hence a decrease in the price of cotton and an increase in the quantity exchanged. C) A decrease in demand and hence an increase in the price of cotton and a decrease in the quantity exchanged. D) A decrease in both demand and supply and hence a decline in the quantity exchanged but no predictable change in the price of cotton.
Why does the substitution bias cause the consumer price index to overstate inflation and the cost of living? Why does the increase in quality bias cause the consumer price index to overstate inflation and the cost of living?
What will be an ideal response?