The decrease in consumer surplus and producer surplus that results from an inefficient level of production is called the
A) external cost.
B) external benefit.
C) deadweight loss.
D) big tradeoff.
C
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Briefly describe how competition may reduce discrimination. Give an example.
What will be an ideal response?
After the imposition of the quota, the numbers of TVs imported will drop by ________ units.
A. 20,000 B. 40,000 C. 100,000 D. 80,000
Shift to the left or right for supply:price of product
What will be an ideal response?