Economic growth would be illustrated by
A) a rightward shift of aggregate demand.
B) a leftward shift of aggregate demand.
C) a rightward shift of aggregate supply.
D) a leftward shift of aggregate supply.
C
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Economic discrimination exists when
A) there is an unequal distribution of income in a country. B) both income and wealth are unequally distributed in a country. C) there is unequal access to education. D) workers with the same marginal revenue products are paid different wages.
If a regulatory commission sets the regulated price equal to marginal cost for a natural monopoly:
a. losses will result. b. government subsidies will be unnecessary. c. the firm will earn economic profits. d. new firms will want to enter. e. resource use will not be optimal.
Some economists argue that the recent relatively high rate of unemployment has resulted in part from the fact that a part of the workforce has not made the adjustment to new technologies
Indicate whether the statement is true or false
Which is a distortion (a loss of social surplus) associated with a monopolist's inability to observe consumer types when constructing a nonlinear pricing scheme?
a. The monopolist must expend more resources on market research. b. All bundles involve inefficiently low quantities. c. Some but not all bundles involve inefficiently low quantities. d. Quantities aren't distorted, but prices extract too much consumer surplus.