Neoclassical economics sanctioned the formation of monopolies true false Henry Ford perfected mass production technology in...

Neoclassical economics sanctioned the formation of monopolies

true

false

Henry Ford perfected mass production technology in the automobile industry but also created the conditions for overproduction in the automobile industry.

true

false

The 14th amendment and its due process clause effectively limited the ability of the government to intervene to control a monopoly.

true

false

Expert Solution

• 1st Question: Answer - False

Explanation: Neoclassical economics is based on market system in supply and demand are the decisive factors. There are no restrictions on the entry of new seller. Consumers can buy from any of their preferred sellers as lot of sellers compete in this system. A fair competition is possible in Neoclassical economics. Therefore, the formation of monopolies has very little chances. Thus, Neoclassical economics didn't sanctioned the formation of monopolies. Hence, given statement is false.

• 2nd Question: Answer - True

Explanation:. Henry Ford uses mass production technology in the automobile industry to a great extent and produces large numbers of automobiles in short period of time. However, he made several conditions in the automobile industry related to overproduction of automobiles. Therefore, given statement is true.

•3rd Question: Answer - True

Explaining: It is absolutely correct that the 14th amendment and it's due process clause have limited to a great extent the government's effort to control a monopoly in economic system. It makes hindrances in the ability of the government with respect to this purpose. Therefore, the given statement is true.

Rahul Sunny answered 2 years ago

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