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wildcat290 wildcat290
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4 years ago

Question 1.

What is the difference between a monopoly's marginal revenue curve and a perfect competitor's marginal revenue curve?



Question 2.

Why are laws aimed at regulating monopolies called "antitrust" laws?



▸

"Trust" was a word in Old English that meant monopoly in the Middle Ages. Therefore, "antitrust" is a term that means "against monopoly."



▸

The rise of large firms (e.g., Standard Oil) in the late 1800s in the United States caused consumers to lose trust in private business.



▸

In the late 1800s, firms in several industries formed trusts; the firms were independent but gave voting control to a board of trustees. Antitrust laws were passed to regulate these trusts.



▸

In the late 1800s, firms in several industries formed trusts; they were called "trusts" because when corporate officials were questioned about their business they would clam that business was good for the country and that they should trusted.

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InMicro

InMicro


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sadeensadeen
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wildcat290 Author
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