Rent seeking
a. often entails large opportunity costs.
b. prevents waste of resources.
c. often promotes fairness in distribution of resources.
d. cannot occur in a planned economy.
a
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As tax rates rise linearly, DWL also rises linearly. ?
Answer the following statement true (T) or false (F)
When the marginal cost curve lies above the average cost curve, ________
A) the marginal cost curve slopes upward, while the average cost curve slopes downward B) the marginal cost curve slopes downward, while the average cost curve slopes upward C) both the marginal cost curve and the average cost curve slope upward D) both the marginal cost curve and the average cost curve slope downward
An exclusion contract
A) is a form of entry deferral. B) gives a firm the right to be the exclusive provider of a good in a particular market. C) may not always be profitable for the incumbent. D) All of the above.
In the long run what primarily determines the natural rate of unemployment? In the long run what primarily determines the inflation rate? How does this relate to the classical dichotomy?