Although U.S. Steel controlled nearly 75 percent of the domestic iron and steel industry, in 1920 the Supreme Court ruled that the firm was not in violation of the Sherman Antitrust Act because there was no evidence of abusive behavior. What antitrust doctrine was the court applying in this case?
a. The rule of reason.
b. The per se rule.
c. The marginal cost pricing rule.
d. The natural monopoly rule.
Question 2
The value of fiat money is fundamentally determined by the:
a. reputation of the bank that holds it.
b. reputation of the person who holds it.
c. value of the gold or silver for which it can be redeemed.
d. value of the commodities for which it can be traded.
e. value of comparable stocks and bonds.
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