The Clayton Act was
A. repealed by the next Congress.
B. vetoed by President Wilson.
C. declared unconstitutional by the United States Supreme Court.
D. eviscerated by President George W. Bush.
Answer: C
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Economists who think the capture theory explains regulatory behavior will support their claims by noting that
A) regulation as carried out in this country generates larger profits for the firms and does not generate lower prices for consumers. B) consumers actually dominate regulatory hearings through the influence of consumer advocacy groups. C) Congress ensured that consumers have more influence on the decisions of regulators by setting up the agencies in ways that insulated the regulators from the regulated firms. D) the firms that are regulated have greater incentive to try to influence regulators than do consumers.
If a firm hires 12 workers at $9 per hour each and the 13th worker will be hired only if the wage rate falls to $8 per hour, the marginal wage rate must be
A. -$8. B. $4. C. -$4. D. $8.