If an action creates more total benefits for gainers than total harm to losers,
a. that action would be a Pareto improvement.
b. taking that action would improve efficiency
c. the government should step in to take that action
d. a side payment exists that would make the action a Pareto improvement
e. any side payment would make the action inefficient
D
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product0015220332442550655758858956The average product generated with 5 units of the input is
A. 50. B. 8. C. 5. D. 10.
Referring to Figure 19.1, U.S. goods will become cheaper in Mexico if the exchange rate goes from ________ to ________ pesos to the dollar
A) 12; 13 B) 10; 14 C) 12; 11 D) 11; 13
In the figure above, the deadweight loss created if the industry changes from perfectly competitive to a single-price, unregulated monopoly is
A) zero. B) $8.00 per day. C) $24.00 per day. D) $36.00 per day.
The aggregate demand curve is the sum of all market demand curves in the economy.
Answer the following statement true (T) or false (F)