It is illegal to price discriminate EXCEPT in cases in which the price differences are due to actual cost differences. This situation is due to which antitrust act?
A. Clayton Act
B. Contestable Market Act
C. Sherman Antitrust Act
D. Federal Trade Commission Act
Answer: A
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Gross investment
A) is the purchase of new capital. B) includes only replacement investment. C) does not include additions to inventories. D) Both answers A and B are correct.
In a competitive industry with identical firms, long-run equilibrium is characterized by:
A. P = AC. B. MR = MC. C. P = MC. D. All of the statements associated with this question are correct.
Recall the Application about the impact inflation has on your potential future salary and the repayment of student loans to answer the following question(s).According to this Application, if you earn a salary of $40,000 in the first year and all prices (including your salary) triple in the next 10 years, what will your nominal annual salary be in 10 years?
A. $20,000 B. $60,000 C. $120,000 D. $180,000