The more profit a monopolist makes, the more inefficient is the monopoly outcome.
Answer the following statement true (T) or false (F)
False
Rationale: Monopoly profit is maximized under first degree price discrimination -- yet that results in the efficient output level being produced.
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The international financial market moved towards equilibrium under the gold standard due to
A) shifts in exchange rates caused by changes in supply and demand for foreign exchange. B) changes in interest rates. C) negotiations among central banks. D) flows of gold among countries.
Which of the following is generally considered the most regressive type of tax?
a. gift tax b. federal income tax c. excise tax d. payroll tax
A person prefers large and small levels of national defense to medium-sized levels of national defense. This person
A. is violating the law of transitivity. B. has single-peaked preferences. C. has multiple-peaked preferences. D. cannot achieve his or her most-preferred outcome.
The major labor market problem in the United States is ________ and in Western Europe the problem is ________.
A. increasing wage inequality; increasing wage inequality B. increasing wage inequality; high persistent unemployment C. high persistent unemployment; low average wages D. high persistent unemployment; increasing wage inequality