Your Social Security contributions accumulate in a personal account during your working years, creating a savings balance from which retirement, disability, and health benefits are later paid

Suppose an economist advises a city's mayor to begin charging drivers a fee to drive on a busy highway during congested times. The mayor does not implement the policy because it would not be popular with voters. Which of the following statements best describes the scenario?

a. This is a common occurrence. The policymaker knows the best policy but chooses not to institute it for other reasons. b. This is a common occurrence. The policymaker usually disregards an economist's advice because they do not believe it is the most efficient policy. c. This is an unlikely occurrence. Most of the time, policymakers follow the advice of economists and institute the most efficient policies. d. This would never happen. Policymakers always follow the advice of economists.

Refer to the diagrams, which pertain to a purely competitive firm producing output q and the industry in which it operates. The predicted long-run adjustments in this industry might be offset by:

A.  a decline in product demand.
B.  an increase in resource prices.
C.  a technological improvement in production methods.
D.  entry of new firms into the industry.