Of the three levels of government in the United States,
a. only the federal government provides public goods
b. only the federal government has the power to tax
c. local governments are primarily responsible for primary and secondary education
d. the federal government is primarily responsible for higher education
e. state governments are primarily responsible for economic stability
C
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Economists and others use economic theory
a. only to analyze situations in which money changes hands. b. as a partial basis for public policy recommendations. c. to confuse their enemies. d. to replace value judgments about important policy issues.
One reason why firms in monopolistically competitive markets earn zero profit in the long run is because
a. product differentiation disappears b. barriers to entry become prohibitive c. the price elasticity of demand for each firm falls to zero d. so many firms enter the market that each firm's demand curve eventually becomes tangent to the firm's ATC curve e. each firm's ATC curve shifts upward to eventually become tangent to its demand curve