Which of the following is an important side effect of government licensing and other grants of monopoly power?
a. The number of options available to consumers is increased.
b. Competition is enhanced.
c. Firms will produce more efficiently.
d. Rent-seeking is encouraged.
D
Economics
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If the prices would have been much higher ten years ago for the items the average consumer purchased last month, then one can likely conclude that
A) the aggregate price level has declined during this ten-year period. B) the average inflation rate for this ten-year period has been positive. C) the average rate of money growth for this ten-year period has been positive. D) the aggregate price level has risen during this ten-year period.
Economics
What is the difference between economic and accounting profit? Why is a distinction between them important?
Economics