Economists Blame the Long Lines at Gasoline Stations in the U.S.in

question 41

Multiple Choice

Economists blame the long lines at gasoline stations in the U.S.in the 1970s on

• A)U.S.government regulations pertaining to the price of gasoline.
• B)the Organization of Petroleum Exporting Countries (OPEC).
• C)major oil companies operating in the U.S.
• D)consumers who bought gasoline frequently,even when their cars' gasoline tanks were nearly full.

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Definitions:

Clayton Act

A U.S. law enacted in 1914 aimed at promoting competition and preventing monopolies by addressing specific practices not covered by the Sherman Antitrust Act.

Interlocking Directorates

The practice of having the same individuals serve on the boards of directors of multiple, often competing, companies.

Competitive Sales

Sales activities that occur in a market where multiple sellers are trying to attract the same buyers, emphasizing price, quality, and service to win business.

Rule of Reason

The rule of reason is a legal doctrine under antitrust laws that evaluates the legality of business practices based on their overall competitive effect.