_________ is where it is cheaper for separate products to be produced independently than for one firm to produce the same products jointly.
Fill in the blank(s) with the appropriate word(s).
Ans: Diseconomies of Scope
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Pareto optimality and Pareto superiority _____
a. concern only monetary gains and losses b. compare utility gains with utility losses c. do not require interpersonal utility comparisons d. are equivalent to the concept of economic efficiency
If the legal minimum wage is set above the equilibrium wage rate
A. employment will tend to be lower than it otherwise would have been. B. employment will tend to be higher than it otherwise would have been. C. the level of employment will not be affected. D. there is no way to determine how the level of employment would be affected.
Refer to the figure above. The region BAH represents the ________
A) consumer surplus after taxation B) tax incidence on consumers C) tax incidence on producers D) deadweight loss due to taxation
Suppose that the interest rate is greater than the equilibrium interest rate. Which of the following occurs?
I. There is an excess quantity of money. II. The quantity of money automatically increases. III. The interest rate falls. A) I B) I and II C) I and III D) I, II and III