The portion of consumer surplus that no one in society is able to obtain in a situation of monopoly is known as
A) a market failure.
B) a deadweight loss.
C) an unrealized loss.
D) a market externality.
Answer: B
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Suppose there are 5 million unemployed workers seeking jobs. After a period of time, 1 million of them become discouraged over their job prospects and cease to look for work. As a result of this, all else equal, the official unemployment rate would
A. be unchanged. B. increase in the short run but eventually decline. C. increase. D. decline.
The cyclically adjusted budget is calculated at potential GDP
Indicate whether the statement is true or false
Which of the following is true regarding income along a price-consumption curve?
A) Income is increasing. B) Income is decreasing. C) Income is constant. D) The level of income depends on the level of utility.
If a monopolist is able to price discriminate: a. consumer surplus is increased
b. the welfare loss from monopoly is increased. c. producer surplus is decreased. d. some consumer surplus and deadweight losses are transformed into monopoly profits.