Tackle the Test: Multiple-Choice Questions

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  1. Question

    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
    The Sherman Antitrust Act of 1890 sought to do which of the following?
  2. Question

    HdfsCWS2QKProHJfp7p3RYcZwNJPCrBicKuo1+lfpZjS/cyBR3iZtlo9y3OpU/bwT5JySGTg8p7AeWd1RoZ0izAZ4dpnVisdpGBJDTgwLMT39YBNbY9ERaGcFiWoYpBvNdks2lwVMV4/pVBWPl6nDaHfWfgcCm/Yl05Gtpd9xT8l32bj53gPM9JfChv9y77dAbLEEo8K5uncRUx58IIRStXjz3EUSPxJyTA3yBpCftFGgrI5X5LHRel2XMlDas+r8aueDhwWXiFRr+2PIArZ7dqecnnp+Is/6BiWK5NK0mN3RehsyUJ3kg41Thxa/dGMVHBcLW5cSciSw7Au4c2JSlNbDfPdpss3kW43CF6SsAn1RKmMneCw330tOZ1Jiobwdj/4hn1o9Kxnj26GBSb7hFHTdl6vy4XC8GPs4tuVVBYereJDW38vEcp674RpJsrcfCfTA2cK4ajpKTfO+RyfC+YRaDWlPj7Yex79u6ltjqzUK7LJtqbJ1LFOEVhqLi7HNG6XTpVOa7+xIyb4AHAa6Go82ZLUHK4IUYAcpgL2Nt+YycWKgdbwhZriMkXAKFZUO7Hdw7rIJ7PNj0zS0Pn0nZpy5tmdly3BxyZGUVub26dAZRde7tYFpHep/SKUBixdcMVZgeosCtANPHi/cslTtegmVha9tW4aKewhp2+yUanSIwL7JM2ZvfL5MrQZBmnoHB8lasrOo6reRhUsgED64UUkzF4g9+hfkVhLiC+DomioOmlmyH5EwC+kfDnMtxgbXGtt5cjYEZojs+1ND+S62Eb21B6KSkRJQtkwSP44vHtq0za+8C9svE+aEhJgl58iIvtdinYcnW1ll0e6axreMOlIVSoKeRPd9nIreGrWhgMw14NIu5PZ4hniPAH7Ol4zopxaAwVeSz/PEXtredU46iFz/L9UHirLwXPrlWUluEiN7gPqoslG/4aXM2PO2N6aEGdTEz1biJOtmuJr4i+1dqHFkvlSceZ/QmxSOA==
    A natural monopoly exists when, over the relevant range, increasing the output level results in a lower
  3. Question

    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
    Which of the following is the most common policy approach to a natural monopoly?
  4. Question

    For questions 4 and 5, refer to the graph below.

    image
    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
    Without government intervention, a monopolist will produce ______ and charge ______.
  5. Question

    q2Hz8IQHTdloviY5ajO+DhiM0Zr3LLmuyxDGVYJtG0tJhBNRfwykDg9y2TGJS8zAVUok719SqoF0CWcCT0OUIKOt5aC6+AkkHHc8atKE6G+BvQx0bu96nsbCzHn+BAJDUmI35WXL8tHi17YjsE6T7Y9kjctiBijZz1XEHqzbQkozxlWLOo63yn2ot5ugENekqHqjPIQ1tT2WqhxLE/gAobuMlytRMwMSUewjc1eVCTVgNrfJkaTz1sg2MLZu8HqQem6SstD925pZAlATZCvrP9rC+5LntEaQHtfduO4ic+bl6FTW88Kqbv5fYQAvXVgxMXeOcPA0UgSv+L+9HmeefOMA+Pv1X+a0rYRXLiR9xywA6280ryVeQZGNR1hM9pUX/ztwD4vN/MmV9lOAIBee8aMXSFLAUgA03QbxpJF96e7yav++Y7QPnNWJ6PmKkd4b9z6navsqOXWmqSCIWUBVV4rTAytl23vWaEuiUP5IsX/5AhIU8M0wHXn5WWD3ljLWbrS8ZSvSjZfsE4uAvCgy06UpKA0DJ/YTZkrY+bpFwMV45HR3azLfIzEvN3alU8bXNhuQIlerC1W+HnAH2/XtbFlPjdHl5M1vzIQra4/iQWS9nLT0a7upDMeNOwFu68GPYi6UYtv4SQQpTy93ebng8RX8n+dBA88dmscy13giGi9ljoh+sXLgXD2mBKhDmmg+ALvu5OA1UoHW83z1L0Eh1dPr7Oz0dCTfLLsmcp+ygLunSXGERFdkz5DRFi8swc9Jnb17C6eTFsjE+BQd8Py1YMhal67Ny/GwNml2MXzQTKUBtRQzgfXc2nsGnlaxKTiTkCwo0z6N9thyDgzkZK+W9HNB/mT9hwtKI5/Fs000H0bD9vtw5TIpw0TUlwqJF/Z8JMRGORud67GQyFIBoSv5A6AsbNXmMOWd2fXCashVvnsAVLG43SfX8k117nGfyILwKZ/a9CqDb0pXOL6TCj6XLagwq1JQe0jjWqPUgGU08wbJd09SYA9u9+LN616001YXjxUM1rbknL4=
    The lowest regulated price the government could expect this monopolist to maintain in the long run is