Price-Fixing

question 181

Multiple Choice

Price-fixing

• A) is prohibited by Section 7 of the Clayton Act.
• B) is a per se violation of the antitrust laws.
• C) may be either legal or illegal depending on whether or not it produces above-normal profits.
• D) is illegal under terms of the Federal Trade Commission Act.

Apply consumer choice theory to analyze real-world economic situations and experiments.

Understand the concept of consumer optimum and how it is determined by the intersection of budget constraints and indifference curves.

Calculate the optimum consumption bundle given a consumer's income and prices of goods.

Analyze the effects of changes in income and prices on consumer behavior and choices.

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Definitions:

Economic Responsibility

The obligation of an organization or individual to act in ways that benefit the economic well-being of society.

Ethical Dilemma

Situations where one is faced with choosing between two morally correct but contradictory actions, making it difficult to decide the right course.

Ethical Dilemmas

Situations where a choice must be made between two or more conflicting moral principles or outcomes.

Sources

The origins or starting points from which something is derived or obtained, often used in reference to information or materials.