Which Broad Field of Economics Would Most Likely Study How

question 128

Multiple Choice

Which broad field of economics would most likely study how consumers respond to a hike in cigarette taxes?

• A) Microeconomics
• B) Marginal economics
• C) Macroeconomics
• D) Monetary economics

---

Definitions:

World War

A large-scale war involving many countries from different parts of the world, notably occurring twice in the 20th century (World War I and World War II).

Sherman Antitrust Act

U.S. legislation passed in 1890 aimed at promoting fair competition for the benefit of consumers, by prohibiting monopolies and other activities that restrict trade.

Monopolize

The action or condition where a single company or entity gains exclusive control over a market, commodity, or service, often hindering competition.

Restraint of Trade

Practices that reduce competition or restrict trade, often illegal under antitrust laws designed to promote fair competition for the benefit of consumers.