Compared to perfect competition, monopoly in the long run
a. restricts output.
b. charges a higher price.
c. produces at less than minimum average cost.
d. All of the above are correct.
d
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From 2001 to 2004, the U.S. government went from a budget surplus to a budget deficit. According to the open-economy macroeconomic model, this should have decreased
a. both the supply of loanable funds and the supply of dollars in the market for foreign-currency exchange. b. neither the supply of loanable funds nor the supply of dollars in the market for foreign-currency exchange. c. the supply of loanable funds but not the supply of dollars in the market for foreign-currency exchange. d. the supply of dollars in the market for foreign-currency exchange, but not the supply of loanable funds.
The amount by which the burden of a tax exceeds the total revenue collected is called
A. neutrality. B. tax incidence. C. undue burden. D. excess burden.