If rent seeking was, on average, a losing proposition, _____
a. rent seekers would exit rent seeking until losses from rent seeking equaled zero
b. rent seeking would stop because it was no longer profitable
c. rent seekers would increase competition for scarce benefits
d. rent seeker would exit rent seeking until there is a normal rate of return to rent seeking
d
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Which of the following is an example of a price floor?
A) a law passed in a city to lower apartment rents by setting the maximum price that can be charged for rent B) an equilibrium price C) a minimum wage law D) a law setting the highest price that can legally be charged for a gallon of gasoline. E) None of the above answers give examples of a price floor.
As Reba consumes four slices of pizza, her total utility rises from 0 to 18, to 24, to 28, and to 30, respectively. What is her marginal utility of the fourth slice of pizza?
a. 28 b. 24 c. 2 d. 7 e. 8
Looking at the record of concentration in the United States from 1992 to 2012, one finds concentration has
A. steadily increased. B. risen dramatically in the past 15 years. C. changed very little. D. fallen steadily except in wartime.
If people buy more than has been produced,
A) the economy is in equilibrium. B) total expenditures are greater than total production. C) there will be an increase in inventory. D) there will be a decrease in total output.