In the United States, lobbying is:
A. illegal.
B. important to firms in perfectly competitive markets.
C. a way of protecting monopolies.
D. not important to most monopolies.
Answer: C
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Allocative efficiency occurs in markets when
a. goods are produced using the least amount of society's scarce resources b. goods are produced at the lowest possible average total cost c. goods are produced at the lowest possible marginal cost d. the value to society of the last unit produced equals its marginal cost e. the value to society of the last unit produced is greater than its marginal cost
In the long run, a monopolistically competitive firm
A) earns positive economic profits. B) earns zero economic profits. C) earns negative economic profits. D) can have positive, zero, or negative profits.
Why is it difficult to determine whether an industry is operating efficiently when there is rapid technological process underway?
What will be an ideal response?
Suppose that during a given month 500,000 persons quit their job to become self-employed. This might give __________ bias to the __________ indicator
A) an optimistic; unemployment rate B) a pessimistic; unemployment rate C) an optimistic; payroll employment D) a pessimistic; payroll employment