Business

1.T or F: In Munn v. Illinois, Chief Justice Waite was concerned with the fact that grain elevators had
become a virtual monopoly in Chicago. Explain.
2.True or false: The invention of kindle and nook readers has caused both the equilibrium price and quantity
of paper to increase. Explain.
3.T or F: The shortage of natural gas in the late 1970s and early 1980s was the result of reduced regulation
in the industry. Explain.
4.True or False: In a Monopoly the market price determines the output level the firm produces? Explain
5.True or False: The minimum wage is not an example of price floor style regulation? Explain.
6.True or False: The consumer surplus is a measure of the extra income customers get when they can buy goods
at the market price? Explain.
7.True or false: If a monopoly takes over a formerly competitive industry then the price will rise and
output will fall after the monopoly is established. Explain.
8.Give five examples of why railroads were major employers in our economy that are related to the
coordination issues faced by railroads.
9.True or False: Price increases always increase a business’s revenue? Explain.
10.True or False: In the Charles Rivers Bridge case the conflict between the views that vested rights or
freedom of entry was best for economic growth was decided in favor of vested rights. Explain.
11.T or F: There is no similarity between the treatment of canals, turnpikes and railroads in our nations’
history. Explain.
12.Justice Bradley argued that when the public is facing the equivalent of a “common charge” to the
community at large, then it was appropriate to regulate this business. What was Justice Bradley’s rationale
for this position?
13.Chief Justice Waite in Munn v. Illinois believed that regulation should be applied to industries where
“virtual monopolies” conditions exist for serving customers. In the Terminal Railroad case the court said
“There … is compulsion, but it is inherent in the situation. The other companies use the terminal properties
because it is not possible to acquire adequate facilities for themselves. The cost to any one company is
prohibitive.” Do you think that the Terminal Railroad is an example of Justice Waite’s virtual monopoly and
if so, do you believe that the court’s opening up of the rail network in East St. Louis was appropriate?
What was the doctrine was employed by the court involved?
14.Draw a demand and supply curve for U.S. cars identify the equilibrium price and quantity in this market.
On this figure identify the area that represents the producer surplus. If the cost of Foreign cars declines
what effect will this have on the price and quantity of US cars?

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