This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Antitrust cases that are brought to the courts by the Justice Department typically rely on perfect ... (Read 90 times)

Kthamas

  • Hero Member
  • *****
  • Posts: 546
on: Jun 29, 2018
Antitrust cases that are brought to the courts by the Justice Department typically rely on perfect competition as a benchmark for lawyers to determine whether a firm is competitive or monopolistic.
 
  Why is this a troublesome criterion to use in prosecuting such cases?

Question 2

Distinguish between comparative advantage and absolute advantage.
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

whitcassie

  • Sr. Member
  • ****
  • Posts: 298
Reply #1 on: Jun 29, 2018
Answer to Question 1

It is troublesome because there are no instances of pure competition in the real world. Therefore regulators are using a benchmark that lacks realism.

Answer to Question 2

A person has a comparative advantage in producing a good when he or she has the lowest opportunity cost of producing it. Comparative advantage is based on the output forgone. A person has an absolute advantage in production when he or she uses the least amount of time or resources to produce one unit of that particular good or service. Absolute advantage is a measure of productivity in using inputs.


Kthamas

  • Member
  • Posts: 546
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

adf223

  • Member
  • Posts: 304
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

All adults should have their cholesterol levels checked once every 5 years. During 2009–2010, 69.4% of Americans age 20 and older reported having their cholesterol checked within the last five years.

Did you know?

Everyone has one nostril that is larger than the other.

Did you know?

As many as 20% of Americans have been infected by the fungus known as Histoplasmosis. While most people are asymptomatic or only have slight symptoms, infection can progress to a rapid and potentially fatal superinfection.

Hip Typically occurs as a result of a fall; with osteoporosis, hip fractures can occur as a result o Hip Typically occurs as a result of a fall; with osteoporosis, hip fractures can occur as a result o
A medical records department. (Paper records are becoming obsolete, replaced by electronic records.) A medical records department. (Paper records are becoming obsolete, replaced by electronic records.)
The vehicle’s fuel pump is disabled by removing its relay or fuse. In some cases, it may be ... The vehicle’s fuel pump is disabled by removing its relay or fuse. In some cases, it may be ...
Weather Typically Associated with Cold Front (North America) Weather Typically Associated with Cold Front (North America)
Perfect Circles Perfect Circles
Video: Introduction to Herpes

For a complete list of videos, visit our video library