________ is defined as any attempt to capture consumer surplus, producer surplus or economic profit
A) Search
B) Rent seeking
C) Maximizing monopoly profits
D) Price discrimination
B
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The IS—LM model predicts that a temporary beneficial supply shock
A) increases output, national saving, and investment, but not the real interest rate. B) increases output, national saving, and the real interest rate, but not investment. C) increases the real interest rate, investment, and output, but not national saving. D) increases output, national saving, investment, and the real interest rate.
Suppose the population of El Campo is 120,000. Of the population 16 years and older, 50,000 are employed, 10,000 have never worked and are not looking for work, 5,000 are not working and are looking for work, and 15,000 are retired and not looking
for work. The labor force equals A) 50,000. B) 55,000. C) 65,000. D) 80,000.
An example of an explicit cost of production is: a. the cost of foregone labor earnings for an entrepreneur
b. the cost of flour for a baker. c. the foregone rent that could have been earned if land owned by a firm was not used as its parking lot. d. provided by none of the above.
In 1980, the price of a gallon of gasoline was $1.25 . The Consumer Price Index was 82.4 in 1980 compared to 215.3 in 2008 (1983 - 1984 = 100). Measured in 2008 dollars, the price of gasoline in 1980 was
a. $0.56. b. $1.25. c. $2.37. d. $3.27.