Attempts to reduce income inequality may lead to greater income inequality.
Answer the following statement true (T) or false (F)
True
Through the side effects of redistribution of income, attempts to reduce income inequality actually may lead to greater income inequality.
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If the quantity output and average cost at that output level are known, then it is possible to determine marginal cost for that output level.
Answer the following statement true (T) or false (F)
Monopoly firms manage to earn positive profits, even in the long run because
a. they have no close substitutes b. there are high barriers of entry to the market c. they have a cost advantage difficult to duplicate d. all of the above
Only economists and other “social” scientists have areas of dispute within their disciplines.
Answer the following statement true (T) or false (F)
A ballet performance had many empty seats. This implies that the
A. Price of the tickets must have been very low because of the low demand. B. Ballet group was not very well known. C. Price of the tickets must have been above the equilibrium price. D. Hall where the performance was being held was very large.