All of the following statements are true regarding voluntary production reduction programs EXCEPT
A. they offer firms incentives to reduce their production voluntarily.
B. they include payments to producers who reduce production.
C. they are an attempt to limit supply.
D. they are an attempt to protect consumers from high prices.
D. they are an attempt to protect consumers from high prices.
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Producer surplus is the amount a seller receives for a good or service
Indicate whether the statement is true or false
Which of the following is a determinant of productivity?
a. human capital per worker b. physical capital per worker c. natural resources per worker d. All of the above are correct.
Monopoly is unlike perfect competition in that ______.
a. a monopolist's price is greater than marginal cost b. there are no barriers to entry into a monopoly industry c. a monopolist earns an economic profit only if its price is greater than ATC d. all of the preceding are ways in which monopoly is unlike perfect competition e. a monopolist's price is greater than marginal cost and there are no barriers to entry into a monopoly industry, but not a monopolist earns an economic profit only if its price is greater than ATC, are ways in which monopoly is unlike perfect competition
According to the text, if individuals base their expectations on the past, we could say that their expectations are:
A. adaptive. B. regressive. C. historical. D. rational.