A price floor is the minimum price that consumers have to pay for a particular product.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 2In an antitrust lawsuit, which of the following parties is entitled to receive treble damages?
a. The Antitrust Division of the Justice Department
b. The Federal Trade Commission
c. Private plaintiffs
d. State attorney generals
e. The Department of Labor
QUESTION 3When a market is in surplus, there is pressure for the price to move upward.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 4Which of the following does the Sherman Antitrust Act forbid?
a. Monopolization or attempts to monopolize
b. All types of price discrimination
c. Competition among firms
d. Unfair methods of competition
e. Privatization of government owned firms
QUESTION 5If demand increases and supply decreases, then equilibrium price must decrease, but equilibrium quantity is indeterminate.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 6Which of the following practices is not restricted by the antitrust law in the United States?
a. Contracts and conspiracies in restraint of trade
b. Attempts to monopolize a market
c. Mergers that substantially reduces competition
d. Unfair or deceptive acts of competition
e. All forms of quality discrimination
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