If a significant number of consumers switch from consuming traditional baked goods to consuming vegan baked goods, a vegan bakery will likely find its demand curve shifting to the ________ and its marginal revenue curve shifting to the ________ as
more competitors enter the market.
A) left; right B) left; left C) right; left D) right; right
Question 2
Which of the following statements refers to rent seeking?
A) The role of the federal government in the U.S. economy grew significantly after the Great Depression. Government spending and taxes are a much greater proportion of total income today than they were in 1929.
B) Laws passed by the federal government often provide benefits for a small number of individuals. These individuals, in turn, have an incentive to contribute to the campaigns of politicians who pass these laws.
C) The federal government should spend more money on programs that help low income citizens and less money on national defense.
D) There is an opportunity cost whenever the federal government spends tax revenue. For example, an additional 1 billion spent on national defense means there will be less revenue for highway construction and maintenance or some other program.
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