Why does our government enforce antitrust legislation?
A) because monopolies are known to be unfair to their stockholders
B) because monopolies are known to be unfair to their employees
C) because the government wants to create competition in markets in the interests of promoting efficiency
D) because the government wants to create competition in markets in the interests of promoting an equal distribution of income
C
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If the output gap is greater than zero, real GDP is ________ potential GDP, and the economy will ________ to reach full employment
A) greater than; expand B) greater than; contract C) less than; expand D) less than; contract
When the marginal benefit of an output exceeds the marginal cost:
A. Production of that output should be increased, in order to achieve efficiency B. Production of that output should be decreased, in order to achieve efficiency C. Increasing the production of that output would increase the deadweight loss D. Reducing the production of that output would reduce efficiency losses