Use the figure below to answer the following question.
If a price floor in this market is set at P2, then deadweight loss equals area
A. d.
B. f.
C. b + d.
D. d + h.
Answer: A
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Refer to the above figure. Which panel represents the long-run supply curve for an increasing cost industry?
A) Panel A B) Panel B C) Panel C D) Panel D
Which of the following is an example of a temporary price differential in a resource market?
a. land downtown is more expensive than land in the suburbs b. a superstar professional basketball player is paid more than the average professional player c. cable television installers have a higher wage than telephone installers d. an airline pilot is paid more than a flight attendant e. a worker in a toxic waste plant earns more than a teacher
When did Keynes write his great work, The General Theory of Employment, Interest, and Money?
a. During the 1920s b. During the 1930s c. During the 1940s d. During the 1950s
Which of the following would appear on the liability side of a commercial bank balance sheet?
A. reserves B. checkable deposits C. loans D. securities