Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

Which of the following market structures has the highest market concentration?

A) A monopoly B) An oligopoly with differentiated products C) A perfect competition D) A monopolistic competition

The producer surplus to a monopolist must be

A) less than zero or the firm is in violation of anti-trust statutes. B) at least as great as the producer surplus in a competitive market. C) positive, otherwise why would the monopoly produce? D) the same as for a competitive market.