A budget deficit occurs when government expenditures are greater than tax revenues.
Answer the following statement true (T) or false (F)
True
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Patents ________ permit investors to have a monopoly on their innovation and ________ permit them to earn economic profit.
A) do not; do not B) do; do not C) do; do D) do not; do
A utility-maximizing consumer equalizes marginal utilities per dollar spent across all goods
a. True b. False Indicate whether the statement is true or false
Pair-wise majority voting entails:
A. voting on options that is done in pairs, and the majority vote wins. B. one vote with many options, and the option with the most votes wins. C. voters ranking all available options and the option most approved of wins. D. None of these describes pair-wise majority voting.
Explain why perfectly competitive firms make zero economic profit in the long run.
What will be an ideal response?