In bargaining between a bureau and the legislature over a budget, the legislature decides to purchase a certain amount of output at certain price and negotiates both simultaneously. This gives the bureau the opportunity to _____
a. minimize their effort
b. extract all the legislature's consumer surplus from the bureau's output
c. maximize the bureau's profits
d. maximize the budget's producer surplus by extracting from the legislature large rents
b
Economics
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Monopolistically competitive markets feature high barriers to entry
a. True b. False Indicate whether the statement is true or false
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Considering both the Keynesian and the aggregate demand-supply frameworks, if households as a group experience an increase in wealth at a given price level, then the TE curve shifts __________, the AD curve shifts __________, and Real GDP __________
A) downward; leftward; decreases B) downward; rightward; decreases C) upward; rightward; increases D) upward; leftward; increases
Economics