Which of the following are illegal under the antitrust laws of the United States?
a. charging prices that exceed average total costs
b. charging some consumers different prices than others
c. mergers that unnecessarily create excessively large firms
d. collusive behavior or other actions designed to create a monopoly or cartel
D
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Nominal GDP in a given year is GDP
A) valued in the prices of the base year. B) valued in the prices of that year. C) adjusted for inflation. D) adjusted for the value of intermediate goods.
The classical approach to macroeconomics assumes that
A) wages, but not prices, adjust quickly to balance quantities supplied and demanded in markets. B) wages and prices adjust quickly to balance quantities supplied and demanded in markets. C) prices, but not wages, adjust quickly to balance quantities supplied and demanded in markets. D) neither wages nor prices adjust quickly to balance quantities supplied and demanded in markets.