Which antitrust act was passed to protect independent retailers from "unfair discrimination" by chain stores?
A) Federal Trade Commission Act
B) Robinson-Patman Act
C) Sherman Act
D) Wheeler-Lea Act
16) Which antitrust law is sometimes called the "Chain Store Act"?
A) Sherman Act
B) Clayton Act
C) Robinson-Patman Act
D) Federal Trade Act
17) All of the following are exempt from antitrust laws EXCEPT
A) labor unions.
B) professional baseball.
C) oil companies.
D) public utilities.
18) Which of the following is NOT exempt from antitrust laws?
A) Professional baseball
B) Labor unions
D) Public transit systems
19) Which of the following is exempt from antitrust laws?
A) Professional football
B) Petroleum companies
20) Which of the following is exempt from antitrust laws?
A) Professional basketball
B) Suppliers of military equipment
C) Telephone companies
D) Automobile companies
21) The first antitrust law in the United States was the
A) Clayton Act.
B) Contestable Markets Act.
C) the Federal Trade Commission Act.
D) Sherman Antitrust Act.
22) The idea behind antitrust legislation is to
A) promote competition in the market.
B) justify deregulation of industries.
C) implement contestable markets.
D) create larger firms.
23) If antitrust legislation is successful, then
A) firms will produce the quantity at which marginal cost equals marginal revenue.
B) most firms will be earning a positive economic profit.
C) the price of each item will equal its marginal social opportunity costs.
D) natural monopoly will be eliminated.
24) If antitrust legislation is successful, then the monopolistic firm will
A) decrease output and charge a lower price than before.
B) increase output and charge a higher price than before.
C) increase output and charge a lower price than before.
D) decrease output and charge a higher price than before.
25) Why is antitrust legislation necessary?
A) Monopolies tend to misallocate resources.
B) All monopolies are unlawful in the United States.
C) Monopolies tend to allocate resources in a socially optimal manner.
D) Monopolies will always make a profit in the long run.
26) Which of the following will NOT be true if the antitrust laws are successful?
A) Producers will earn zero economic profits in the long-run.
B) Firms will not restrict output.
C) Firms will produce the competitive output.
D) Firms will produce the quantity at which marginal cost equals marginal revenue and charge a price that is greater than marginal cost.
27) The Sherman Antitrust Act was passed to
A) protect companies from foreign competition.
B) protect the monopoly profits of firms.
C) control the growth of monopolies in the U.S.
D) prevent market price from equaling marginal cost.
28) Section 1 of the Sherman Antitrust Act makes it illegal to
A) form a monopolistically competitive firm.
B) restrain trade.
C) price discriminate.
D) have an oligopoly.
29) As a result of a conviction under the Sherman Antitrust Act, Standard Oil of New Jersey
A) was fined for its extensive price discriminating activity.
B) was restrained from oil exploration for twenty-five years, which enabled other oil firms to assume leadership in the industry.
C) was broken up into many smaller companies.
D) went bankrupt and no longer is in existence.
30) What is the relationship between the Sherman Antitrust Act and the Clayton Act?
A) The Clayton Act was the first act passed and the Sherman Antitrust Act was the second.
B) The Sherman Antitrust Act encouraged competition among firms in the U.S. while the Clayton Act encouraged competition among foreign firms.
C) The Clayton Act strengthened the Sherman Antitrust Act by limiting some very specific business practices.
D) Both Acts deal with issues of setting price and quantity for regulated industries.
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