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SHERMAN ACT: The first antitrust law passed in the United States in 1890 that outlawed monopoly or any attempts to monopolize a market. This was one of three major antitrust laws passed in the late 1800s and early 1900s. The other two were the Clayton Act and the Federal Trade Commission Act. The Sherman Act was successfully used to break up several noted monopolies in the early 1900s, including the Standard Oil Trust in 1911. However, it was flawed by (1) vague wording that allowed wide interpretation (especially based on political influence) and (2) the lack of an effective means of enforcement other than an extended journey through the court system. These two flaws led to the Federal Trade Commission Act and Clayton Act, both passed in 1914. Although other laws have been passed, the Sherman Act remains the cornerstone of antitrust laws in the United States.
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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either a birthday gift for your grandmother or a T-shirt commemorating yesterday. Be on the lookout for malfunctioning pocket calculators.
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This isn't me! What am I?
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Two and a half gallons of oil are needed to produce one automobile tire.
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"The time your game is most vulnerable is when you're ahead; never let up. " -- Rod Laver, Tennis player
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DCE
Domestic Credit Expansion
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