Because the value of non-cash benefits to the poor is not counted when calculating the official poverty rate in the U.S., the official statistics
A. underestimate the poverty rate.
B. overstate the real income of the poor.
C. accurately measure the poverty rate.
D. overestimate the poverty rate.
D. overestimate the poverty rate.
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When the price of a product exceeds the marginal cost of producing it, producers have a
A) consumer surplus. B) producer surplus. C) consumer shortage. D) producer shortage. E) deadweight surplus.
Refer to the figure above. What is the deadweight loss when the market is perfectly competitive?
A) $0 B) $30 C) $45 D) $90
We should never assume that an inelastic demand curve is a perfectly inelastic demand curve because
A) perfectly inelastic demand curves are rare. B) an inelastic demand curve may be perfectly inelastic at some times but not others. C) an inelastic demand curve may be elastic at low prices. D) there has never been evidence of a perfectly inelastic demand curve.
Refer to the graphs shown. The consequences of improved technology combined with an increase in the number of consumers can best be illustrated by:
A. a. B. b. C. c. D. d.