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State in brief the Nominal wage level
In macroeconomics, we are generally not interested in the wage for a specific individual though in the average wage for all employed individuals. This average is known as wage level but as we typically only care about wage level, we will almost always use wage when we actually mean the wage level. Hence a statement like "wages increase" must not be interpreted as all wages increasing but instead that average is increasing.
Explain why anti-trust legislation supports a perfectly competitive market. Give at least one specific example of legislation to justify your explanation.
There are very examples of perfect competition. Yet in the study of industrial organization, significant discussion is focused on this type of market. Explain why.
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