The protection of rights is an all-or-nothing proposition
a. True b. False
b
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For the period 1947-2012, the behavior of the U.S. money supply is best characterized as
A) nearly constant over time. B) somewhat smoother than GDP. C) somewhat more volatile than GDP. D) extremely volatile and unstable.
The statement "American workers are lazy" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false
The advantages that arise from economies of scale make entry difficult for new firms. As a result, monopolies and oligopolies are often associated with __________ and ___________
a. b and e b. low costs; high prices c. low costs; low prices d. antitrust; laissez-faire e. competition; high prices
Which of the following is most accurate?
A. In all cases, competitive markets yield more consumer surplus than would be enjoyed in a monopoly market with the same cost structure. B. In all cases, competitive markets yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. C. In some cases, competitive markets can yield less consumer surplus than would be enjoyed in a monopoly market with the same cost structure. D. In all cases, competitive markets yield the same consumer surplus that would be enjoyed in a monopoly market with the same cost structure.