A valid argument against redistributing income to achieve complete equality is that
a. income equality would destroy the social cohesiveness that exists among different income groupings.
b. this would eliminate the monetary incentives to work and produce.
c. the cost of obtaining the equality would be so deflationary as to promote economic instability.
d. income equality would imply class segregation based on factors such as sex or race since income would be constant.
B
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Suppose a farmer in a perfectly competitive agricultural industry rents land that is uniquely productive in the production of a certain crop. In the long run,
A) the owner of the land receives economic rent while the farmer earns zero economic profit. B) the owner of the land earns zero economic profit while the farmer receives economic rent. C) both the farmer and the owner of the land receive economic rent. D) neither the farmer nor the owner of the land receive economic rent.
When a perfectly competitive firm is in long-run equilibrium, it and all other firms are on the lowest point of their average cost curves
Indicate whether the statement is true or false