In the long run,
a. monopolies never earn economic profit
b. economic profits and losses determine entry and exit into monopoly markets
c. monopolies may earn economic profit
d. competition always destroys monopoly
e. government always regulates monopoly
C
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Once households pay taxes, they have two options with their disposable income: consume or save
Indicate whether the statement is true or false
In a market with a binding price control, a. there is an imbalance between the quantity supplied by sellers and the quantity demanded by buyers. b. the costs of production are fully reflected in the price paid
c. the price observe reflects the scarcity of the good. d. all of the above are true.
Which of the following statements is not correct?
a. Libertarians are opposed to redistributing income. b. Critics of the welfare system argue that it breaks up families. c. One of the problems with measuring income inequality is valuing in-kind transfers. d. Utilitarians believe that the government should punish crimes but should not redistribute income.
Stagflation is the simultaneous occurrence of
A) low inflation and high unemployment. B) high inflation and low unemployment. C) low inflation and low unemployment. D) high inflation and high unemployment.