Since individual consumers do not know how much of the price they pay for a commodity is due to trade protection, consumers rarely lobby their political representatives to eliminate protection and reduce prices
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose a firm is a natural monopoly. Then, until the long-run average cost curve crosses the demand curve, as the quantity increases the long-run average costs
A) increase. B) decrease. C) decrease and then increase. D) increase and then decrease.
The absence of significant scale economies in 19th century agriculture outside the cotton South produced all of the following except
(a) More equal income distribution (b) Numerous family farms (c) The widespread need for schools (d) Large, corporate farms using the latest technology
If national income accountants fail to make an adequate adjustment for increases in the quality of goods and services over time,
a. increases in real GDP will understate the growth rate of real output. b. increases in real GDP will overstate the growth rate of real output. c. the GDP deflator will overstate the rate of inflation. d. the GDP deflator will understate the rate of inflation. e. both a and c are correct.
If a price ceiling is not binding, then it will have no effect on the market
a. True b. False Indicate whether the statement is true or false