In a monopoly, producer surplus is
A) larger than under perfect competition.
B) is equal to that under perfect competition.
C) smaller than under perfect competition.
D) None of these choices is true.
A
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In the United States, the distribution of wealth
A) is the same as the distribution of income. B) is more unequal than the distribution of income. C) is more equal than the distribution of income. D) is equal for all families.
Other things constant, an increase in the price of beef will: a. encourage consumers to buy more beef
b. discourage consumers from buying as much beef. c. shift the demand curve for beef to the right. d. shift the demand curve for beef to the left.
In a competitive labor market
a. wages would be determined by supply and demand. b. the demand curve for labor is derived like the demand curve for any other input. c. the demand curve for labor is the downward-sloping portion of the MRP curve. d. All of the above answers are correct.
The burden of unemployment is
A. endured better by people with substantial savings. B. fully measured by the monetary cost computed in the GDP gap. C. borne equally by all unemployed people. D. completely offset by the federal unemployment insurance program.