Thursday, December 9, 2010

Post 4

Mr. Campbell had us take three quizes and write a blog about eight things that I learned from those quizes.

1) In monopolistic competition, businesses try to make their product look different then the other businesses.
2) The Interstate Commerce Act was the first antitrust law that was passed.
3)That Standard Oil was the most well-known monopoly that was broken up from the the Sherman Antitrust Act.
4) The Interstate Commerce Act oversaw the railroad industry.
5) That the US has thought about bringing back the Laissez-faire policy.
6) Buyers and Sellers have to act independently in a perfect competition.
7) Consumers benefit the most from competitive markets.
8) When sellers compete with each other on factors other than price, they are competing in a nonprice competition.

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