Winner-take-all refers to
a. top performers in a labor market receiving much more than those who are just slightly less productive
b. computing and technology companies driving their competitors out of the market
c. rich households paying less in taxes now than they did 30 years ago
d. a negative income tax system that allows individuals to become superstars
e. the Lorenz curve shifting closer to the diagonal as the rich become richer
A
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A bank can lend out its excess reserves but not its required reserves
a. True b. False Indicate whether the statement is true or false
A cartel maximizes industry profit by
a. eliminating quotas b. producing at the kink in its demand curve c. producing where MR = MC d. cutting production costs to become more efficient e. producing more output than a monopoly would