Why are the gains from trade often difficult to recognize?
A. There are no gains from trade.
B. The gains are spread out over a wide variety of goods and consumers.
C. The United States does not keep accurate records of employment.
D. The gains are in services, which are difficult to measure.
Answer: B
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In the natural monopoly case, the regulated price will be where
A. MC equals MR. B. MC crosses D. C. ATC crosses demand. D. MR is zero.
Depending on the shape of the marginal cost curve, a monopolist might produce an output level on the elastic or the inelastic part of demand.
Answer the following statement true (T) or false (F)
The data in the above table show that when the price level is 120
A) the unemployment rate is below its natural rate. B) the unemployment rate is above its natural rate. C) money wages rates will rise in the future. D) the long-run aggregate supply curve will shift leftward in the future.
The division of labor helps to explain why workers do not consume most of what they produce
a. True b. False Indicate whether the statement is true or false