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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Refer to Figure 5-3. If consumers paid the full price of medical services, the equilibrium quantity would be
A) 400. B) 800. C) 1,200. D) > 1,200.
Refer to Scenario 10.9. At the profit maximizing level of output, what is the level of consumer surplus?
A) 0 B) 1,800 C) 2,700 D) 3,600 E) 4,800
Which of the following is a problem with using real GDP as a measure of economic well-being? a. It does not account for inflation
b. It does not account for production within the household. c. It does not account for production by foreign firms producing inside the U.S. d. all of the above
Improvements in technology will shift the production possibilities curve outward.
a. true b. false