Business conduct that is illegal per se is illegal
a. only if there is no economic rationale for it
b. only if it results in a monopoly
c. without regard to its economic rationale or consequences
d. only if it is prohibited by the Clayton Act
e. whether or not Congress has passed legislation prohibiting the practice
Question 2
Suppose a perfectly competitive constant-cost industry is in long-run equilibrium when market demand suddenly falls. What happens to the industry in the long run?
a. It experiences no change form the original equilibrium
b. It experiences a higher equilibrium price and produces more output
c. It experiences a lower equilibrium price but produces more output
d. It experiences the same equilibrium price but produces more output
e. It experiences the same equilibrium price but produces less output
