Under a rule of reason approach, an act is illegal:
a. only if it is shown to result in an anticompetitive outcome.
b. if two parties merge.
c. if a firm engages in price discrimination.
d. if two firms engage in price fixing.
e. if two firms undertake a joint venture
a
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When a firm operates with excess capacity,
a. additional production would lower the average total cost. b. additional production would increase the average total cost. c. it must be a perfectly competitive firm. d. it must be a monopolistically competitive firm.
In the case of externalities, government can use taxes and subsidies to turn an inefficient outcome into an efficient outcome
Indicate whether the statement is true or false
Ch1.The fallacy of composition is the fallacious view that
What will be an ideal response?
Given an upward-sloping aggregate supply curve, which of the following is most likely to occur if the Fed pursues restrictive monetary policy, ceteris paribus?
A. The equilibrium price level and output will both decrease. B. The equilibrium price level and output will both increase. C. The equilibrium price level will decrease but output will stay the same. D. The equilibrium output will decrease but the price level will stay the same.