The theory of the long-run in perfect competition helps to provide a rationale for the belief in a limited role for government in society

Which act of Congress extended the government's authority to block horizontal and vertical mergers?

a. Clayton Act. b. Sherman Antitrust Act. c. Celler-Kefauver Act. d. Robinson-Patman Act.

Chocolate prices are determined by the inter-action of supply and demand. Any significant decrease in input costs (costs of production) for this type of product will, all other things remaining the same:

(a) Shift the supply curve to the right. (b) Decrease the equilibrium price. (c) Shift the demand curve for chocolate to the left. (d) Cause both (a) and (b) above.