Technological progress in agriculture has been beneficial for _________ but harmful to __________ because the output of farm goods has grown so rapidly as a result.
a. small farmers, large farmers
b. consumers, farmers
c. farmers, consumers
d. the United States, other countries
e. other countries, the United States
b. consumers, farmers
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If activists successfully lobbied government to force firms to produce more output than they normally would in a perfectly competitive market,
A) consumer surplus would decline. B) producer surplus would increase. C) taxation would solve the problem. D) total surplus in the market would decline.
If the AD curve shifts rightward more than expected,
What will be an ideal response?
A characteristic of a good model is that
A) its predictions can be tested using real-world data. B) it is useful for making irrefutable predictions. C) it applies to all situations. D) it predicts perfectly.
One of the elements of monopolization is
A) having a monopoly. B) wanting to be a monopoly and wanting to earn monopoly profits. C) monopoly pricing. D) the willful acquisition of monopoly power.