Which of the following is not a criticism sometimes leveled at monopolies?
a. A monopoly promotes inefficiency
b. A monopoly creates a welfare loss.
c. A monopoly retards innovation.
d. A monopoly leads to improved economies of scale in production.
d
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Suppose that the sub sandwich business is a competitive, constant-cost industry. An increase in demand for sub sandwiches, will, in the long-run lead to
a. an increase in price and industry output, but no increase in the output of existing firms. b. no increase in price, no increase in the output of existing firms but an increase in industry output because of new firms. c. no increase in price and an increase in industry output as each existing firm produces more. d. no changes in price, output of existing firms or the number of firms in the industry.
Central banks can use _______________________ to reduce the quantity of money and loans in an economy.
a. closed market operations b. public market operations c. open market operations d. private market operations
Each year around July 4 the town of Flagston has a controversy over how big a fireworks display they should have on the holiday. The three citizens have the demand functions for fireworks that are shown here. The cost per firecracker is $18. Elmer has the demand function P = 20 - Q. Ethel's demand equation is P = 12 - .6Q, and Edith has the demand P = 8 - .4Q.What is the total community demand equation for the fireworks display?
What will be an ideal response?
Summarize the main research conclusions found by prominent economists on the economic effects of immigration
What will be an ideal response?