"Rent seeking" describes the search and battle for opportunities to collect economic rents
a. True
b. False
Indicate whether the statement is true or false
True
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Are the short-run and long-run average cost curves U-shaped for the same reason? Explain
What will be an ideal response?
The metaphor used to describe the working of the price system to achieve efficiency in a free market is
A. Occam’s razor. B. the prisoner’s dilemma. C. the invisible hand. D. the benefit principle.
Answer the following statement true (T) or false (F)
1) Producing a good in the least costly way is known as allocative efficiency. 2) A market that achieves productive efficiency is producing the quantity of goods most desired by society. 3) A market that is achieving allocative efficiency must also be achieving productive efficiency. 4) A government tax per unit of output reduces supply.
In which of the given market situations will the efficiency loss of an excise tax be the greatest?
A. 4.
B. 3.
C. 1.
D. 2.