When a rent-seeking equilibrium is reached, the
A) economic profit is maximized.
B) economic profit is eliminated by legislation.
C) economic profit is eliminated.
D) consumer surplus is greater than without rent seeking.
E) consumer surplus is eliminated.
C
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Refer to Figure 2-12. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of milk?
A) They have the same advantage. B) Tahiti C) Bora Bora D) cannot be determined
The practice of tying can be used as a means of discriminating in price between two different customers
Indicate whether the statement is true or false
The proportion of domestic demand for a good that is satisfied by domestic production relative to that supplied by imports is determined by:
a. the interplay of domestic demand and supply curves and the domestic equilibrium price of the good. b. the interplay of demand and supply curves in the international market and the international equilibrium price of a good. c. the interplay of domestic supply and demand curves and the international equilibrium price of a good. d. the different trade restrictions like tariffs and quotas created by the domestic government. e. the interplay of demand and supply curves in the international market and the domestic price of the good
Since 2000, what income group of countries has grown the fastest?
a. high income b. low income c. middle income d. Middle and low income groups grew at the same fastest rate.