When were the first federal antitrust laws enacted in the United States?

When were the first federal antitrust laws enacted in the United States?
 a. around the turn of the twentieth century
  b. after World War II
  c. after World War I
  d. during the Great Depression
  e. with the U.S. Constitution, in 1787

QUESTION 2

What is always true at the quantity at which average total cost equals average revenue?
 a. economic profit is zero
  b. marginal cost equals marginal revenue
  c. economic profit is maximized
  d. revenue is maximized
  e. cost is minimized

QUESTION 3

Sam Edison obtains a patent on his new invention: trinoculars. In the long run,
 a. he can earn only a normal profit
  b. he may suffer an economic loss and stop producing
  c. his monopoly power guarantees him a positive economic profit
  d. he will achieve productive efficiency
  e. he will achieve allocative efficiency

QUESTION 4

Price discrimination that substantially lessens competition is prohibited by the Clayton Act.
 a. True
  b. False

QUESTION 5

A perfectly competitive firm has a horizontal supply curve in the short run.
 a. True
  b. False

QUESTION 6

Which of the following is true in both perfect competition and monopoly?
 a. Firms produce a differentiated product.
  b. Firms cannot earn economic profit in the long run.
  c. Individual firms have no ability to control the price of their output but must accept the market price.
  d. Firms go out of business in the long run if total revenue cannot cover total cost.
  e. Firms can earn economic profit in the long run.

QUESTION 7

The Clayton Act prohibits all horizontal mergers, regardless of their economic consequences.
 a. True
  b. False