Social surplus is maximized in a(n) ________
A) perfectly competitive market
B) monopolistically competitive market
C) monopoly market
D) oligopoly market
A
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The term "property rights" refers to
A) the physical possession of a house or any other property which the owner legally purchased. B) the ability to exercise control over one's own resources within the confines of the law. C) the right of a business not to have its assets confiscated by the government in the event that the business is accused of committing fraud. D) the government's right to appropriate land from wealthy land owners to redistribute to peasants.
Refer to Scenario 12.3. What will be the price of this new drink in the long run if the firms in the industry collude with one another to maximize joint profit?
A) $3 B) $9 C) $12 D) $16.50 E) none of the above
The cost-revenue diagrams for a monopolist and a monopolistic competitor are similar except that the demand curve for the monopolistic competitor is flatter
a. True b. False Indicate whether the statement is true or false
One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. domestic production (cooking, laundry and such) are not counted. B. things produced by people under 18 are not counted. C. quality has remained steady. D. people substitute between goods.