Based on the graphic for perfect competition versus monopoly, the producer surplus for perfect competition is ______ the producer surplus for monopoly.
a. greater than
b. less than
c. equal to
d. the opposite of
b. less than
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If a good is imported into (small) country H from country F, then the imposition of a tariff In country H
A) raises the price of the good in both countries (the "Law of One Price"). B) raises the price in country H and does not affect its price in country F. C) lowers the price of the good in both countries. D) lowers the price of the good in H and could raise it in F. E) raises the price of the good in H and lowers it in F.
When trying to determine the standard of living in a given country, it is not important to observe its income distribution, because what we are interested in is the income per person in the economy
a. True b. False Indicate whether the statement is true or false
It never occurred to Keynesians that they would have to choose between policies to control unemployment and policies to control inflation
Indicate whether the statement is true or false
One advantage of automatic fiscal policy over discretionary fiscal policy is that automatic fiscal policy:
A. has a greater multiplier effect than discretionary policy. B. is not subject to the timing problems of discretionary policy. C. makes the actual budget a better reflection of the condition of the economy than the full-employment budget. D. does not produce a cyclical deficit as discretionary policy does.