Elected government officials ________ support ________ fiscal policies
A) must; contractionary
B) tend to; expansionary
C) must; expansionary
D) tend to; contractionary
B
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In monopolistic competition, excess capacity results from
A) the presence of a large number of buyers. B) the mobility of firms into and out of the industry. C) imperfect information about price. D) product differentiation.
What do you believe is one of the chief criticisms of the Coase Theorem that render it useless in real-world situations
What will be an ideal response?
All the supply of peppermint oil is produced from mint plants grown in one county by several competitive growers (the number of growers is not limited). The quality of land in the county varies greatly
Would you expect the long-run market supply curve to slope upward, downward, or remain constant? Why?
If the government wants to encourage the consumption of a particular good, they should enact:
A. a subsidy to buyers, since they want to affect consumption of the good. B. a subsidy to sellers, since they want more to be produced and offered for sale. C. a subsidy to buyers, since they deserve the benefit more than the producers. D. a subsidy on either buyers or sellers, since they will both have the same effect on the market.