Which is the most accurate statement?
A. Poverty can easily be wiped out by giving every adult on welfare a minimum wage job.
B. The basic cause of poverty is that nearly all of the poor are lazy.
C. Within a decade, poverty will no longer be a national problem.
D. There is a hard core of millions of poor people who will need public assistance for many years to come.
D. There is a hard core of millions of poor people who will need public assistance for many years to come.
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The deadweight loss with perfect price discrimination is
A) equal to the deadweight loss of a single-price monopoly. B) sometimes less than and sometimes more than the deadweight loss of a single-price monopoly. C) more than the deadweight loss of a single-price monopoly. D) zero. E) larger than the deadweight loss with perfect competition.
In a simple circular flow diagram, who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?
What will be an ideal response?
Explain why the long-run total cost curve, not the short-run total cost curve, shows the lowest cost of producing any level of output. Is there an exception?
What will be an ideal response?
In the short run, the perfectly competitive market supply curve
a. is indeterminate b. shows the total quantities of resources used by all firms in that market, given the market price of resources c. is the same as the individual supply curve of the dominant firm d. shows the sum of the quantities of output supplied by all firms in the market at each price e. is irrelevant to potential entrants