For the last 100 years, the level of government that has seen the largest increase in its percentage of expenditures is
A. local.
B. state.
C. federal.
D. all of these answer options are correct.
C. federal.
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The theory of monopolistic competition was developed in two separate models by
A) Adam Smith and David Ricardo. B) John Kenneth Galbraith and John Maynard Keynes. C) Edward Chamberlin and Joan Robinson. D) Roger Leroy Miller and Paul Samuelson.
The perfectly competitive firm has no influence over price because
a. its output is so insignificant relative to the market as a whole. b. anti-trust laws constrain perfectly competitive firms. c. consumers establish the prices of products. d. it doesn't know its demand curve.
According to most economists,
A. command-and-control regulations work better than incentive-based regulations. B. incentive-based regulations work better than command-and-control regulations. C. command-and-control regulations have about the same effectiveness as incentive-based regulations.
Which of the following is similar for both a competitive industry and a monopoly?
A.) The level of economic profits in the long run. B.) Continuous pressure to improve product quality. C.) Profits signal consumers' demand for more output. D.) In the long run, average total costs are minimized.