What is the purpose of antitrust legislation?
What will be an ideal response?
Antitrust legislation makes illegal certain economic activities. These activities involve restraining trade and inhibiting free competition among rival firms in the marketplace. The aim is to reduce the economic power of monopolies.
Economics
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The no-trade equilibrium in a monopolistic market occurs where:
a. marginal revenue = price. b. marginal cost = marginal revenue. c. market demand = market supply. d. marginal cost = average revenue.
Economics
A famous opera star made $2 million per year. He said he would rather sell insurance if he couldn't make more than $200,000 per year. If he is telling the truth, how much is he being paid in economic rent?
A) $2.0 million B) $200,000 C) $1.8 million D) $2.2 million
Economics