As the quantity produced of a good increases, the social welfare generated by that good increases
Indicate whether the statement is true or false
False. This only takes consumer surplus into account. Beyond the competitive equilibrium, additional units of output have less value than the cost to make them. Thus, beyond the competitive equilibrium, social welfare declines as the quantity of a good increases.
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Which of the following is NOT an antitrust law?
A) the Robinson-Patman Act B) the Smoot-Hawley Act C) the FTC Act D) the Sherman Act
Natural resources:
A. are production inputs that come from the earth. B. are natural talents people are born with that make them productive. C. are physical structures that sit on the earth, improving it and making it more productive. D. None of these is true.
Which of the following statements regarding a competitive market is not correct?
a. There are many buyers and many sellers in the market. b. Because of firm location or product differences, some firms can charge a higher price than other firms and still maintain their sales volume. c. Price and average revenue are equal. d. Price and marginal revenue are equal.
There is demand for and supply of dollars and a demand for and supply of pesos. Under a flexible exchange rate system, if income growth in the United States is greater than income growth in Mexico, then
A) the demand for dollars will shift to the right and the demand for pesos will shift to the left. B) the demand for pesos will shift to the right and the supply of dollars will shift to the left. C) the demand for pesos will shift to the left and the supply of pesos will shift to the right. D) the supply of pesos will shift to the right and the supply of dollars will shift to the right. E) none of the above