Deadweight losses are associated with monopolistic competition:
a. In the short run, but not the long run
b. In the long run, but not the short run
c. In both the short and long run
d. In neither the short run nor the long run
c
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A U.S. citizen buys some toys made in China for his son. This is an example of a(n) ________
A) transfer payment to the U.S. B) import by China C) transfer payment to China D) export by China
Which of the following pairs is the best example of complements?
a. milk and cheese b. coffee and tea c. CDs and audio tapes d. hiking boots and athletic shoes e. bagels and cream cheese
A tax placed on imports is known as
A. tariff. B. quota. C. voluntary restraint agreement. D. infant industry.
Scientists find that eating corn three times a day will prolong life. This leads to a shift in preferences away from wheat and toward corn. As we move from one equilibrium to another, we can predict that
A. all input markets except land are affected because both products use land as an input. B. even if they use different technologies, no input markets are affected because they use the same inputs. C. labor markets are not affected because the wheat industry and the corn industry use laborers to drive tractors. D. all input markets are affected.