Natural oligopoly is a situation where
A) the level of demand can support only a few firms.
B) there is only one firm.
C) there are only two firms.
D) there are legal barriers to entry.
A
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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.
Long-term interest rates are an example of
A) an intermediate target. B) an operating target. C) a monetary policy objective. D) a monetary policy tool.