The Federal Trade Commission Act

question 129

Multiple Choice

The Federal Trade Commission Act

• A) defined the standard for "unfair trade practices."
• B) helped businesses increase their trade markets.
• C) failed to give the government new powers to investigate corporate behavior.
• D) encouraged industries to write basic "codes" governing prices, hours, and wages across the board.
• E) created an agency to determine whether business practices were acceptable to the government.

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Definitions:

Production Decision

The process of deciding on the quantity of goods or services to produce, based on various economic factors.

Short-run

A period in which at least one factor of production is fixed, limiting the ability to adjust to changes in market conditions.

Perfectly Competitive Industries

Markets where there are many buyers and sellers, products are homogeneous, and no single entity has the ability to influence prices.

Quantity Of Output

The total amount of goods or services produced by an individual, firm, industry, or entire economy in a given period.