Section 1 of the Sherman Act Applies to _____

question 40

Multiple Choice

Section 1 of the Sherman Act applies to _____.

• A) unilateral actions
• B) joint actions
• C) nonimport trade
• D) mergers

---

Definitions:

Long-run Equilibrium

Describes a state in a market where supply equals demand, with sufficient time for all factors of production to adjust and no external pressures.

Demand

The measure of a commodity or service consumers intend and are able to acquire at multiple price levels during a set time span.

Economic Profits

Profits exceeding the opportunity costs of all resources employed, including both explicit and implicit costs, signifying above-normal returns.

Long Run

An economic term referring to a period in which all factors of production and costs are variable, allowing for full adjustment to changes in the market.