Arnold Harberger was the first economist to estimate the loss of economic efficiency due to market power. Since Harberger's findings were published, other researchers have studied this same issue. How do the results of these researchers compare to Harberger's results?
A) The other researchers reached conclusions similar to Harberger's; namely, the loss of economic efficiency due to market power is about 1 percent of the value of production in the United States.
B) The other researchers reached conclusions different from Harberger's; namely, they found that the loss of economic efficiency due to market power is only about 1 percent of the value of production in the United States, much less than Harberger's estimate.
C) The other researchers reached conclusions different from Harberger's; namely, the loss of economic efficiency due to market power is about 10 percent of the value of production in the United States, significantly greater than Harberger's estimate.
D) The other researchers reached conclusions similar to Harberger's; namely, the loss of economic efficiency due to market power is about 10 percent of the value of production in the United States.
A) The other researchers reached conclusions similar to Harberger's; namely, the loss of economic efficiency due to market power is about 1 percent of the value of production in the United States.
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All of the following took place during the economic crisis that began in 2007 EXCEPT:
A) the financial system was disrupted B) large portions of the U.S. economy were cut off from the funds they needed to thrive C) there was a devastating decline in the production of goods and services throughout the economy D) unlike households, most businesses still had easy access to funds
Economists believe:
A. every choice has an opportunity cost. B. sunk costs are a figment of most people's imagination. C. every choice has a sunk cost. D. only some choices have an opportunity cost.