If all firms in a market have the same LRATC curve,
a. only one of them can survive in the long run
b. the lowest possible long-run price is determined by LRATC at minimum efficient scale
c. the highest possible long-run price is determined by LRATC at minimum efficient scale
d. minimum efficient scale must be zero
e. there is no minimum efficient scale
B
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The idea that new policies change the economic rules and affect economic behavior, so that no one can safely assume that historical relationships between variables will hold when policies change, is known as
A) Okun's Law. B) Say's Law. C) the equation of exchange. D) the Lucas critique.
Economist Arthur Laffer equated Robin Hood to?
A. government and equated the people passing through Sherwood Forest to taxpayers. B. charitable organizations and equated the people passing through Sherwood Forest to poor people. C. businesses and equated the people passing through Sherwood Forest to consumers. D. government and equated the people passing through Sherwood Forest to importers of goods and services.