What is tying sales?
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OPEC is able to raise the price of its product by
a. setting production levels for each of its members.
b. tying.
c. imposing resale price maintenance agreements on members.
d. increasing the supply of oil above the competitive level.
What is the difference between fiat and commodity money?
A. Fiat money allows an economy to easily expand the money supply, whereas it is more difficult to expand the supply of commodity money.
B. Tying an economy's money to a commodity has no dangers, whereas the use of fiat money is very dangerous.
1. The Sherman and Clayton Acts
The Clayton Act of 1914 classifies several business practices as illegal, including price discrimination and tying contracts, if they "substantially lessen competition or tend to create a monopoly."
The Clayton Act of 1914 is an example of which of the following?
A. Antitrust laws
B. Price regulations