Economists who believe in encouraging concentration
a. are clearly wrong
b. think that high prices are beneficial to society
c. think that lower prices result from economies of scale
d. want the government to break up monopolies
e. favor a laissez-faire approach
C
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According to the short-run aggregate supply curve, firms are most likely to respond to an increase in aggregate demand by raising ________.
A. prices B. production C. both production and prices D. neither production nor prices
If a perfectly competitive firm is currently employing workers to the point where the value of the last worker's marginal product is equal to the wage rate, and the government imposes a minimum wage higher than the value of the worker's marginal
product, we can predict that A) the firm will pay the higher wage rate and not change the number of workers hired. B) the firm will no longer employ the marginal worker. C) the firm will increase its price. D) the firm will employ more workers.
To ensure that decision makers have enough information to make god decisions
a. Move information to those making the decisions b. Move decision making to those with the information c. All of the above d. None of the above
Officials have estimated the size of the U.S. underground economy to be approximately
a. 6 to 8 percent of GDP b. about $5 trillion c. 50 percent of GDP d. $60-80 billion e. about $1 trillion