Exam 16: Inflation and Unemployment

If an industry merger severely lessens competition, the merger would be in violation of the:

Public choice theory suggests:

Price-fixing is outlawed by the:

The consolidation of firms that compete in the same industry or product line is a(n):

Airline deregulation is generally held to have resulted in:

The idea that government regulations often end up by serving the regulated firms is called:

One cost of consumer protection laws is a reduction in individual freedom of choice.

A merger which involves firms at different stages of production of the same good is called a horizontal merger.

The inclination of regulatory agencies to find market solutions that are economically efficient is explained by the:

One of the problems associated with trying to assess the benefits of consumer protection laws is that they have often induced:

A merger that involves firms at different stages of the production process is called a ________ merger.

The application of the Sherman Antitrust Act was unsuccessful in the Standard Oil case.

If a company conspired with or cooperated with other firms to raise prices, it would be in violation of the _______ Act.

In the late 1980s, antitrust enforcement was altered so that _______ competitive U.S.firms could cooperate in _______ in research and development.

Public choice theory suggests that in the regulatory process:

Many government imposed regulations on markets are based on the presumption that consumers are _______ , but often do not have _______ to make choices in their best interests.

Consumer protection laws generally do not:

The first law designed to curb monopoly power in the United States was the ________ Act.

Although the Justice Department once relied on the Herfindahl-Hirschman Index to evaluate mergers, it no longer does so.

The tendency for a regulatory agency to promote the interests of the industry it regulates, rather than the public's interests, is explained by the: