In highly contestable markets, increases in concentration will enhance market power
a. True
b. False
Indicate whether the statement is true or false
False
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A private cost is a cost of production that is borne by the
A) consumer of the good. B) producer of the good. C) government. D) consumer of the good and the government.
Lobbying efforts by individuals and firms:
a. increases productive efficiency in the economy. b. merely transfer income and wealth from one individual or group to another. c. enables the firms to experience economies of scale. d. improves the overall standard of living in the economy. e. helps the economy to produce the efficient level of output.
Suppose purchasing power parity exists in the car stereo market in the United States and Australia. If a car stereo costs $230 in the United States and the exchange rate is $1 = $AUD1.67, the same car stereo may be purchased in Australia for approximately:
a. $AUD 138. b. $AUD 230. c. $AUD 2,300. d. $AUD 384. e. $AUD 108.
The federal government subsidizes higher education
A. less than primary and secondary education. B. more than primary and secondary education. C. about the same as primary and secondary education. D. because it does not subsidize primary and secondary education.