The _____ Is an Agency That Prevents the Use of Unfair

question 128

Multiple Choice

The _____ is an agency that prevents the use of unfair methods of competition in commerce.

• A) Federal Communications Commission
• B) Commerce Department
• C) Commission for Fair Trade
• D) Federal Trade Commission
• E) Sherman Antitrust Agency

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Definitions:

Equilibrium Quantity

The amount of goods or services that are bought and sold at the equilibrium price, where market demand meets market supply.

Consumer Surplus

The discrepancy between the total sum consumers are prepared and able to spend on a good or service and what they ultimately pay.

Equilibrium Price

The market price at which the quantity of goods supplied equals the quantity of goods demanded.

Equilibrium Quantity

The quantity of goods or services supplied that equals the quantity demanded at the market equilibrium price.