Rent seeking lowers profits by
a. shifting the market demand curve to the right
b. shifting the market supply curve to the left
c. shifting the ATC curve upward
d. shifting the ATC curve downward
e. flattening the marginal revenue curve
C
You might also like to view...
The term strategy in terms of game theory refers to
a. the relationship between price and marginal cost b. the relationship between individual firm demand curves and the market demand curve c. each firm's game plan in making decisions d. the interrelationship between price and marginal revenue e. the tendency for collusive firms to generate normal profits
The Ricardian model (with constant opportunity costs) predicts that a nation will ______________ in the production of the good it exports.
a. have a comparative disadvantage b. develop shortages c. lower the cost of production d. specialize completely
A carbon tax placed on coal would:
A. raise the costs of goods produced using coal, raising their price, and thus decreasing the quantity demanded of these goods. B. not affect emissions of greenhouse gases. C. shift the demand curve for coal to the right. D. make coal a more attractive form of energy.
Suppose that for the economy of Utopia, we have the following information for 2020: consumption expenditures = $5,000; wages = $3,500; gross private domestic investment = $1,200; government expenditures = $2,000; exports = $900; imports = $1,100. Using the expenditure approach what would the Gross Domestic Product (GDP) be for Utopia in 2020?
A. $8,400 B. $6,200 C. $8,000 D. $11,900 E. $11,500