Which of the following is illegal according to the antitrust laws?
A. price discrimination based on cost differences
B. price fixing
C. vertical mergers
D. output restrictions
Answer: B
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If an individual borrows $200 at an annual rate of interest of 10%, what is the total amount that he will have to repay after one year?
A) $20 B) $220 C) $210 D) $200
According to the textbook, income inequality statistics can be misleading because
A) they are collected by the Census Bureau, whose objectivity cannot be trusted. B) they ignore the income mobility of individual families and households through time. C) they do not take into account inflation. D) they fail to be of use in policy proposals and debates.
In the above figure, CBL is the cost of breaking the law. If the good in the figure is made illegal and penalties are imposed on both buyers and sellers, then its price per unit
A) will be higher than if it was not illegal. B) will be lower than if it was not illegal. C) will be the same as when it was not illegal. D) cannot be compared with its price when it was legal.
In computing the consumer price index, a base year is chosen. Which of the following statements about the base year is correct?
a. The base year is always the first year among the years for which computations are being made. b. It is necessary to designate a base year only in the simplest case of two goods; in more realistic cases, it is not necessary to designate a base year. c. The value of the consumer price index is always 100 in the base year. d. All of the above are correct.