Limits of special-interest contributions to national political campaigns
a. would reduce the extent of rent seeking
b. would involve concentrated costs and concentrated benefits
c. are a form of rational ignorance
d. would heighten the advantage of incumbency
e. would heighten the advantage of challengers
D
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As the quantity of labor employed increases, the production functions exhibits a
A) positive, linear relationshi
The price of a resource declines when:
a. both the demand for and the supply of the resource declines in the same proportion. b. demand remaining constant, supply of the resource declines. c. supply remaining constant, the demand for the resource declines. d. both the demand for and the supply of the resource increases in the same proportion. e. both the demand for and the supply of the resource declines, but supply falls by a greater proportion than demand.
A decrease in demand, accompanied by a simultaneous decrease in supply, will always cause the equilibrium price and quantity of the good to fall
Indicate whether the statement is true or false
An industry comprised of a very large number of sellers producing a standardized product is known as:
A. monopolistic competition. B. oligopoly. C. pure monopoly. D. pure competition.