Compared to a similar perfectly competitive industry, a single-price monopoly
A) creates a deadweight loss and decreases economic profit.
B) produces more output.
C) creates a deadweight loss and decreases consumer surplus.
D) is more efficient because there is no wasteful competition.
E) sets a lower price because there is less competition.
C
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To calculate gross domestic product, you use the sum of the market values of all final goods and services produced in a given year. This means you
A) count the total number of final goods and services produced in the marketplace in that particular year and then add the numbers together. B) count the total number of final goods and services produced in the marketplace from every year including that given year and then add the numbers together. C) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced that year, and then add the numbers together. D) value the final goods and services at their market prices for that particular year, multiply them by the quantity produced from every year including that given year, and then add the numbers together.
In a closed economy, there should be a close positive relationship between
a. budget deficits and interest rates. b. trade deficits and budget deficits. c. savings and investment. d. investment and consumption. e. Both a and c.
Which factor listed below does NOT help account for the age-earning cycle?
A) productivity B) number of hours worked each week C) effects of aging D) racial discrimination
Why is rBGH injected into many U.S. dairy cows?
a. to strengthen the cows' immune systems b. to increase milk production without increasing feed c. to prevent the growth of microbes in the cows' milk d. to improve the nutritional quality of the cows' milk