Which of the Following Is False Regarding Groups and Activities

question 49

Multiple Choice

Which of the following is false regarding groups and activities that are exempt from antitrust law?

• A)States can set their own quotas regarding the amount of oil to be sold in interstate commerce.
• B)Regulatory bodies of the airline and banking industry have authority to approve behaviors that would otherwise violate antitrust law,but the same is not true for the utility industry.
• C)When insurance businesses are subject to state antitrust regulation,they are exempt from federal antitrust law.
• D)Labor unions can organize and bargain.
• E)Individuals in the fishing industry can cooperate for purposes of catching and preparing fish for market.

Explain the significance of entry and exit of firms in a perfectly competitive market and its effect on long-run equilibrium.

Identify the conditions for long-run equilibrium in a perfectly competitive market.

Describe the characteristics of a perfectly competitive industry that lead to efficiency.

Calculate industry supply based on individual firm supply in a perfectly competitive setting.

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Definitions:

Benefits

Benefits refer to the advantages or perks provided to employees beyond their basic salary, such as health insurance, retirement plans, and paid time off.

Indirectly

A manner of conveying messages or taking action that is not straightforward but rather via implication or through an intermediary.

Chronologically

Organizing events according to their chronological sequence.

Directly

A straight or clear way of doing something, without any intermediary or detour.