The economic profits of many monopoly firms are reduced as a result of
a. rent-seeking activity
b. government regulation
c. demand inducement
d. rent-seeking activity and price floors
e. both a. and b.
E
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Quotas are generally against the law and are only used when mandated by a court to remedy long-standing discrimination by a particular entity
Indicate whether the statement is true or false
If an indifference curve is a straight line it will not show which of the following?
A) any marginal rate of substitution B) diminishing marginal rate of substitution C) combinations of goods among which a consumer is indifferent D) None of the above answers is correct.
The growth rate of real GDP in the United States rises from 4.2% to 4.4%. Explain and calculate how this increase in the growth rate of real GDP affects the number of years it will take for real GDP to double
What will be an ideal response?
In the four-quadrant diagram of the specific factors model, the graph in the lower right quadrant is a country's
A) production function for cloth. B) production possibility frontier. C) labor allocation constraint. D) production function for food. E) labor supply curve.