Which of the following might be used to protect a monopoly from competition?
A.) A horizontal demand curve.
B.) Marginal revenue.
C.) A patent.
D.) A contestable market.
C.) A patent.
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Adverse selection occurs when an agreement encourages undesirable behavior
Indicate whether the statement is true or false
The fact that travel on buses fell as incomes increased in many cities suggests that
a. bus travel is a normal good b. the law of demand does not apply to bus travel c. bus travel is an inferior good d. there are no good substitute goods for bus travel
Which of the following correctly describes the Lorenz curve??
A. ?The Lorenz curve shows that the increasing income inequality in the U.S. society is actually good for the economy. B. The Lorenz curve shows the growth rate in real median family income over time. C. ?The Lorenz curve shows the cumulative distribution of family income, ranked from the poorest to the richest families, and compares that curve with the straight line indicating perfectly equal income distribution. D. ?The Lorenz curve shows the cumulative distribution of family income, ranked from the richest to the poorest families, and compares that curve with the ideal of having all income go to the richest 5 percent of society.
Expansionary fiscal policy to prevent real GDP from falling below potential real GDP would cause the inflation rate to be ________ and real GDP to be ________
A) higher; higher B) higher; lower C) lower; higher D) lower; lower