Thursday, December 2, 2010


So on the first quiz everything was pretty much common since. I got a few of the questions wrong. But that was only because they were looking for a specific answer. I gave the answer that was pretty much the same thing but not the word they were looking for. For example, one questions answer was identical and I put matching.
A few things that I thought were important...

Diamonds is where a cartel exists.
A collusion is where a seller secretly agrees to set prices and/or product levels.
Oligopoly is the most non competitive market in the United States.
Breakfast Cereals is an example of an oligopoly in the United States.
Laissez Faire is the philosophy that states that economic systems prosper when the government does not interfere with the market in any way.
Interstate Commerce Act is the first anti trust law past.
The best known monopoly to be broken up as a result of the Sherman Anti Trust Act is the railroads.

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