J.P. Morgan was instrumental in the formation of:
a. Ford Automobiles.
b. U.S. Steel Corporation.
c. Standard Oil.
d. Swift Meats.
b. U.S. Steel Corporation.
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If a price floor is removed, which of the following would be a result?
A. The elimination of surpluses B. Problems with the disposal of goods C. Disguised discounts to sell additional goods are offered by sellers D. Overinvestment in the industry
Among the sources of economic inefficiency are all of the following EXCEPT
A) price regulations. B) rapid technological change. C) monopoly. D) taxes and subsidies.
In the short run, producers derive surplus from market exchange because
a. total revenue is greater than the minimum they would require to sell the good b. total revenue is equal to the minimum amount they would require to sell the good c. total revenue is less than the minimum amount they would require to sell the good d. marginal revenue equals average revenue e. they can rob consumers of most of their consumer surplus
What are the policies usually advocated by supply-side economists? How do they justify these proposals?
What will be an ideal response?