Compared to other countries, the United States has a relatively low share of consumption spending in GDP
Indicate whether the statement is true or false
FALSE
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Adam Matsumi is an attorney who can charge legal fees above the competitive level because entry of new competitors is made more difficult by the need to hold a(n)
a. state license b. patent c. essential resource d. economy of scale e. copyright
If a small change in price will lead to an infinite change in the quantity demanded, then the demand curve is: a. horizontal. b. vertical
c. inclined. d. non-linear.
If a major league baseball player would be willing to work for $700,000 per year and is currently being paid $1,200,000 per year, that player is earning an annual economic rent of
A. $1,900,000. B. $700,000. C. $500,000. D. $1,200,000.
Rent control is an example of
A) a subsidy for low-skilled workers. B) a price floor. C) a price ceiling. D) a black market.