Supply and demand analysis can explain:
A. the initial set of property rights but not how much rent will accrue to a landholder.
B. neither the initial set of property rights nor how much rent will accrue to a landholder.
C. how much rent will accrue to a landholder and the initial set of property rights.
D. how much rent will accrue to a landholder but not the initial set of property rights.
Answer: D
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Which statement is true?
A. William Julius Wilson and Charles Murray are basically in agreement about the causes of the formation of a permanent underclass. B. The permanent underclass has more white members than black members. C. There is very little evidence to show that there is actually a permanent underclass. D. There are more poor whites than poor blacks in the United States.
For direct price discrimination to work effectively
a. The low-valued customers should not be able to engage in arbitrage b. You need to charge the same price to the different groups c. Both groups should have the same elasticity of demand d. None of the above
If you were the Chairman of the Fed and faced a recession, you would most likely
a. increase commercial bank reserves by raising the discount rate b. increase commercial bank reserves by buying government securities c. decrease commercial bank reserves by raising the discount rate d. decrease commercial bank reserves by selling government securities e. decrease commercial bank reserves by lowering the legal reserve requirement
Suppose that competitive price-searcher firms are earning positive profits. In the transition from this initial situation to a long-run equilibrium,
a. the number of firms in the market decreases. b. each existing firm experiences a decrease in demand for its product. c. each existing firm experiences a rightward shift of its marginal revenue curve. d. each existing firm experiences an upward shift in its average total cost curve.