What is the maximum a monopolist would be willing to spend on rent-seeking behavior?
What will be an ideal response?
Rent-seeking behavior refers to actions by monopolists to preserve their monopoly profits. Therefore, monopolists would be willing to spend up to the amount of these profits.
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___ GDP is used to track the economy since it ___ correct for the impact of inflation (rising prices).
A. Nominal, does B. Nominal, does not C. Real, does D. Real, does not
In recent years unemployment rates in several European countries have been higher than unemployment rates in the United States. Many economists believe that European unemployment rates have been higher because
A) European firms hire many seasonal workers from other countries, and this tends to inflate unemployment rates in their countries. B) of the different methods used to measure unemployment. If similar methods were used, unemployment rates in Europe and the United States would be about the same. C) the size of the military is much larger in the United States and all military personnel are classified as employed. D) unemployment benefits are more generous in Europe than in the United States.