Long-run economic profits are possible in which of the following market structures?
A. Monopolistic competition
B. Oligopoly and monopoly
C. Perfect competition
D. Only monopoly
B. Oligopoly and monopoly
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Who gains and who loses from rent controls?
What will be an ideal response?
A U.S. trade policy that restricts the sale of foreign goods in the U.S. market will
a. reduce the demand for U.S. export goods since foreigners will be less able to buy our goods if they cannot sell to us. b. benefit producers in industries that export goods. c. increase the nation's income since it protects domestic jobs. d. enhance economic efficiency by allocating more resources to the areas of their greatest comparative advantage.
Average total cost equals
a. change in total costs divided by quantity produced. b. change in total costs divided by change in quantity produced. c. (fixed costs + variable costs) divided by quantity produced. d. (fixed costs + variable costs) divided by change in quantity produced.
What is the percentage of income received by the upper quintiles on line L?
