Recent income distribution figures in the United States show

Nations with low levels of GDP per capita may converge to richer nations if

A) nations with high levels of income experience a continuously increasing growth rate. B) nations with lower levels of income grow more quickly than those with higher levels of income. C) nations with lower levels of income grow more slowly than those with higher levels of income. D) nations with lower levels of income spend less on investment.

It has been argued that in the long run monopolistic competition is inefficient because

A) there are too many firms, each with excess capacity, producing too little output. B) there are few many firms, each with excess capacity, producing too much output. C) minimum average total costs are achieved but price exceeds marginal cost. D) minimum average total costs are not achieved and marginal cost exceeds price.