The phrase "there's no such thing as a free lunch" is a common way of expressing the concept of efficient markets.

Compare and contrast the effect of perfect competition to the effect of perfect price discrimination on: a) efficiency. b) consumer surplus. c) economic profit in the long run

What will be an ideal response?

The European Union's Common Agricultural Policy (CAP) is, in effect

A) a tariff imposed on agricultural exports. B) a tariff imposed on agricultural imports. C) a subsidy that reduces the cost of agricultural exports. D) a subsidy that increases the cost of agricultural exports. E) a quota that limits production of agricultural goods by EU nations.