The purpose of the Labor Side Agreement under NAFTA is to:
a. increase standards in Mexico only.
b. increase standards throughout NAFTA.
c. enforce existing standards throughout NAFTA.
d. renegotiate standards.
Ans: c. enforce existing standards throughout NAFTA.
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Which of the following statements is false?
a. The Clayton Act allows triple damages in civil lawsuits in order to encourage lawsuits against conspiring oligopolists. b. Many economists defend the practice of resale price maintenance on the grounds that it may help solve a free-rider problem. c. Most economists agree that predatory pricing is a profitable business strategy that usually preserves market power. d. The U.S. Supreme Court's view that the practice of tying usually allows a firm to extend its market power is not generally supported by economic theory.
The number of firms in a perfectly competitive market:
A. is fixed in the short run. B. is fixed in the long run. C. varies in the short run. D. is the same at all possible long-run equilibria.