In an imperfectly competitive market, having a few dominant sellers will create

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A monopoly

Anti- competitive practices

Perfect competition

An oligopoly

In a monopoly market, quantities can be set at less than the equilibrium amount, and prices are set

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At equilibrium

Above equilibrium

Below equilibrium

At rates determined by the government

Which of the following is the outcome of two or more companies that were competitors joining together to create one company?

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A monopoly

A horizontal merger

Less competition in the market

Perfectly competitive markets

Which of the following is an outcome of a monopoly market?

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Resources are used in ways that produce shortages, causing prices to be higher

Demand increases because of the scarcity of ownership

Prices are set below equilibrium and profit is made on volume, not cost levels

A perfectly competitive free market is achieved

Which of the following occurs when prices are set at an artificial level with a goal of destroying a competitor?

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Predatory price discrimination

Price discrimination

Bribery

Tying arrangements

Which of the following best describes property that consists of nonphysical objects, such as music or information?

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Private property

Copyright

Patents

Intellectual property

Which of the following occurs when prices are set at an artificial level with a goal of destroying a competitor?

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Predatory price discrimination

Price discrimination

Bribery

Tying arrangements

Which of the following prohibits price discrimination, exclusive contracts, tying arrangements, and mergers between companies that may substantially lessen competition?

Question options:

The Interstate Commerce Act of 1887

The Sherman Antitrust Act of 1890

The Tobacco Trust Act of 1908

The Clayton Act of 1914

John Maynard Keynes argued that the total demand for goods and services is a combination of three economic sectors. Which of the following represent those three economic sectors?

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Income, interest rates, and economic depressions

Goods, services, and ideas

Households, businesses, and governments

Unemployment, spending, and inflation

Which of the following views of oligopoly power holds that economies of scale will be lost if firms are broken up or limited in size?

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The regulation view

The antitrust view

The do- nothing view

The trust- buster view

Which of the following is the outcome of two or more companies that were competitors joining together to create one company?

Question options:

A monopoly

A horizontal merger

Less competition in the market

Perfectly competitive markets

When managers of oligopolies work together to limit the quantity of goods available in the market and create a shortage, they can unfairly destroy smaller competitors by

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Price- fixing

Bid rigging

Manipulating supply

Exclusive dealing arrangements

Which of the following best describes how contemporary societies carry out the production of goods and services, and the distribution of these goods in society?

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Commands

Debate

Free trade

Traditions

Which of the following best describes a copyright?

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An invention of machines, processes, and products, that is private property of the individual or organization

A non- physical object, such as music or a software program

A specific expression of an idea owned by a person or organization

The use of government policies to remedy differences

Which of the following is one of the main ideas behind the do-nothing viewpoint of an oligopoly power?

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Economies of scale are good for business.

Concentration leads to interdependence among companies with little price competition

There is a positive correlation between concentration and profitability

Regulations should be set up to control the activities of large corporations

According to John Locke, if there were no governments, what civil liberties would human beings have?

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Aggregate demand

Invisible hand welfare

Natural rights

Market research allocation

According to Karl Marx, which of the following best describes the way a society organizes itself so that it can produce goods?

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Social superstructures

Historical materialism

Principles of justice

Relations of production

Which of the following is a key interpretation of Section 2 of the Sherman Antitrust Act?

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All monopolies are illegal and must be broken up

A monopoly cannot use its power to maintain its monopoly

A current monopoly can extend its monopoly into other markets

A company cannot acquire a monopoly by buying another company

Which of the following bests describes oligopoly markets?

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They are highly concentrated markets

There are very few barriers to entry

There is one significant seller supported by less dominant sellers

They have little ability to influence market r prices

When every seller finds a willing buyer, and every buyer finds a willing seller, what has been achieved?

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Equilibrium

Utility

Positive demand

Marginal utility

Which of the following models results in just outcomes, respects moral rights, and satisfies utilitarianism?

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Pure monopoly

Equilibrium point

Oligopoly

Perfect market competition

Which of the following is considered to be the single most important piece of antitrust legislation in the United States today?

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The Interstate Commerce Act of 1887

The Sherman Antitrust Act of 1890

The Tobacco Trust Act of 1908

The Clayton Act of 1914

In a perfectly competitive free market, what is the outcome when benefits and burdens are shared and individuals are paid based on the value of contribution made to the organization?

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Capitalist justice

Marginal utility

Equilibrium

Price- fixing

Which of the following is a key assumption made by Adam Smith?

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Private property is unnecessary to human life

Private property encourages societies to look after each other

Private property is naturally produced

Private property must exist

A system of normative beliefs that are shared by members of a social group are referred to as

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Free markets

Perfect freedom

Globalization

Ideology

Which of the following best represents Adam Smith's view of government intervention in advancing public welfare?

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the middle class

Governments should let individuals pursue their own self- interests, and buy and sell whatever they wish

Humans do not behave like rational economic creatures and must be forces into such behaviors

Governments can influence a consumers desire to save, thereby lowering aggregate demand

David Ricardo's theory of comparative advantage generally ignores rules of international trade. Which of the following is the group that sets rules and guidelines for international trade in an effort to minimize disagreements and conflicts?

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World bank

U.S federal government

World Trade Organization

International Monetary Fund

According to Adam Smith's view of the supply and demand process, how do consumers affect the price of a commodity?

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When there is not enough supply, consumers will bid the price of an item above the natural price

Producers reap greater profits when the price of the commodity is set below the natural price

When there is a shortage of commodity, the price will sink to its natural level

Producers strive to achieve a natural pricing level in order to promote social utility

Which of the following indicates a principle that states the more of an item a person consumes, the less satisfying each additional item becomes?

Question options:

Imperfect competition

Increasing marginal costs

Diminishing marginal utility

Equilibrium point

According to Karl Marx, in a capitalist economy, what type of alienation is a worker experiencing when the worker is forced to work for someone else and makes money for the owner of the workplace?

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Alienating workers from their own productive work

Alienating workers from themselves

Alienating workers by denying them control

Alienating workers from the products of their labor

John Locke's argument for free markets is based on which theory?

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Utilitarian

Human nature

Moral rights

Values

When do prices in a perfectly competitive market motivate a firm to invest in resources?

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When demand is low

When resources can be used efficiently

When consumers move t bundles of goods

When demand is high