From the late 1930s until the early 1970s, courts tended to follow per se rules when deciding antitrust cases. According to these rules,
a. a firm's control of a large market share was considered intrinsically illegal.
b. the existence of only one or two firms in an industry was not necessarily an antitrust violation.
c. both market share and predatory practices must be considered in determining whether a firm had violated the law.
d. the court should only intervene if the firm charged "unfair" prices.
a. a firm's control of a large market share was considered intrinsically illegal.
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A government balanced budget is
A) an excess of government spending over government revenues during a given time period. B) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. C) the total value of all outstanding federal government securities. D) all federal government debt irrespective of who owns it.
When economic losses are present in a market, firms will tend to
a. exit from the market. b. raise their prices until the break-even point is reached. c. lower their prices, regardless of cost, so they can capture more of the market. d. increase output.