A perfectly competitive industry's short-run supply curve is best described as
A) the upward sloping portion of the industry's marginal cost curve.
B) horizontal.
C) perfectly inelastic.
D) the horizontal summation of the individual firms' supply curves.
Answer: D
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The most effective redistribution programs provide assistance to the hard core poor and transitory assistance to the marginal poor without _____
a. creating dependency on welfare payments b. costing taxpayers too much c. changing the behavior of individuals d. a and c
According to the government budget constraint, any excess of public expenditures and transfers over taxes and user fees must be funded by
A) private borrowing. B) government borrowing. C) U.S. Treasury money creation. D) Federal Reserve money creation.
Incentive-based regulations tend to be more efficient than command-and-control regulations
a. True b. False Indicate whether the statement is true or false
A successful cartel ____ supply so that member firms earn ____ profits
a. restricts; monopoly b. expands; monopoly c. restricts; no economic d. expands; no economic