Assume that the owners of the only gambling casino in Wisconsin spend large sums of money lobbying state government officials to protect their gambling monopoly. Economists refer to these expenditures as:
A. Rent-seeking
B. Price discrimination
C. X-efficiency
D. Network effects
A. Rent-seeking
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Indifference curves:
a. may sometimes intersect. b. are contour lines only of a linear utility function. c. are convex if the utility function is quasi-concave. d. shift when prices change.
The major consideration of whether something can serve as money is that it must be
A. printed by each nation's government or banking authority. B. freely available to all who want it. C. exchangeable for other types of money. D. acceptable as a means of payment.
Evaluate computer database dating services in terms of efficiency. Why have many people avoided these services despite their vast amounts of information? Why might these services become more popular in the future?
What will be an ideal response?
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward