Producers in perfect competition receive a smaller producer surplus than a monopoly producer
Indicate whether the statement is true or false
TRUE
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Refer to Figure 17-9. Fed Chairman Paul Volcker's response to the ________ of the late 1970s is depicted in the figure above as a movement from C to D to A
A) appreciation of the dollar B) deflation C) high inflation D) high unemployment
Nonlinear least squares estimators in general are not
A) consistent. B) normally distributed in large samples. C) efficient. D) used in econometrics.
In an increasing-cost industry, the entry of new firms
a. decreases equilibrium price b. increases average cost at each level of output c. shifts the industry demand curve to the left d. increases economic profits in the industry e. shifts the long-run industry supply curve to the right
Why do many economists believe that tariffs are not necessary for national security reasons?
a. Tariffs lower unemployment in the affected industry but raise it elsewhere in the economy. b. Imposing tariffs increases dependence on domestic supplies and will deplete them faster. c. Young industries can be protected through subsidies and other means besides tariffs. d. Using foreign suppliers is most helpful during wartime, and tariffs can harm foreign allies.