Under a system of free, competitive markets,
a. a society can usually achieve efficiency only at the expense of equality.
b. poverty cannot exist in the long run.
c. employers do not practice statistical discrimination.
d. income is distributed equally across the population.
a
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In a market with imperfect product competition, the MRP declines because
a. the MP declines with each worker hired. b. the price of output falls as output increases. c. both output price and the MP decline as output increases. d. MC declines as output increases.
Restrictions that limit sugar imports, subsidies for the construction of sports stadiums, and federal spending on programs like the construction of an indoor rain forest in Iowa all provide examples of government programs
What will be an ideal response?
In the case of a permanent negative supply shock
A. both the long-run and short-run aggregate supply curves shift leftward. B. there are no shifts in either the long-run or short-run aggregate supply curve. C. only the long-run aggregate supply curve shifts leftward. D. only the short-run aggregate supply curve shifts leftward.
For an economist to say that too much of the good is produced, what must be true?
A. The consumer surplus must be smaller than optimal. B. The consumer surplus plus the producer surplus must be smaller than it could be. C. The producer surplus must be smaller than optimal. D. The consumer surplus must be larger than optimal.