An attempt by a firm to create a monopoly and gain the economic profit from the monopoly is called
A) collusion.
B) intrusion.
C) profit seeking.
D) rent seeking.
D
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Archibald's Tattoos is a perfectly competitive firm. The firm's costs are shown in the table above. If the market price of a tattoo is $17.50, what is the firm's economic profit?
A) zero B) $2.50 per hour C) $12.50 per hour D) -$10.00 per hour
The new classical approach to the aggregate supply curve assumes that businesses are
A) better informed about the general price level than they are about prices in their own markets. B) better informed about prices in their own markets than they are about the general price level. C) equally well informed about prices in their own markets and the general price level. D) reluctant to engage in investment spending because of a lack of information concerning future prices.
Which of the following statements is correct?
a. Taxes are more difficult to administer than regulations. b. Taxes provide incentives for firms to adopt new methods to reduce negative externalities. c. Command-and-control policies provide incentives for private decisionmakers to solve their problems on their own. d. Corrective taxes distort incentives.
Which of the following countries has had the highest growth rate of per capita GDP over the past 25 years?
What will be an ideal response?