The Interstate Commerce Commission (ICC) was established in 1887 to regulate:
A. banking.
B. railroads and all surface transportation.
C. nationwide advertising.
D. interstate sales of food and drugs.
Answer: B
Economics
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What shows the quantities of products demanded at each price by all consumers in a market?
a) an elasticity and consumption list b) a schedule of consumer prices c) a market pricing list d) a market demand schedule
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If a perfectly competitive apple farm's marginal revenue exceeds the marginal cost of the last bushel of apples sold, what should the farm do to maximize its profit?
A) increase output B) decrease output C) lower its price to sell more D) determine what the total revenue and total cost of production are
Economics