If a used-car dealer enjoys economic profits, then
A) as a group, its customers necessarily suffered a like amount in economic losses.
B) as a group, its customers were necessarily made worse off.
C) as a group, its competitors necessarily suffered economic losses.
D) all of the above are true.
E) none of the above is true.
E
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When the Fed purchases government bonds the money supply _____ and the federal funds rate _____
Fill in the blank(s) with correct word
In the United States, _________________ has been set up to provide disability and retirement benefits to workers.
a. Communism b. Social Security c. Welfare d. WIC
Classical unemployment can be caused by which of the following?
A. Efficiency wages B. Bargaining by unions C. Minimum wage laws D. All these create classical unemployment.
In the three-step method, what is accomplished in step 1?
a. finding the total revenue b. finding the total cost c. finding the market price d. finding the profit-maximizing output level