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Review Questions

Answer the following question in a short answer format.

1) Describe the basic themes of Karl Marx’s theory of worker alienation

2) What is the primary theme of the GM bailout case?

3) Describe and provide an example of the following:

a. Perfect competition

b. Pure monopoly

c. Oligopoly

4) Give an example of the principle of diminishing marginal utility

5) Give an example of the principle of increasing marginal costs

6) Describe the ethical weaknesses of monopolies

7) What is the most common cause of an oligopolistic market?

8) Provide a number of examples of anti-competitive behavior that has been exhibited by corporations

9) What was the purpose of the Sherman Anti-trust Act of 1890

10) Discuss each of the three views of the role government should play in curbing oligopoly corporations