In what way is consumer demand different from consumer wants?
a. Demand is only for necessities.
b. Demand is only for luxuries.
c. Demand takes into account the ability to pay.
d. Consumer wants are only for luxuries.
e. Consumer wants are only for necessities.
C
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Refer to Figure 4-8. What is the value of the deadweight loss after the imposition of the ceiling?
A) $50,000 B) $125,000 C) $175,000 D) $260,000
If marginal cost exceeds marginal revenue, a profit-maximizing monopolist will:
a. restrict output to increase the price even higher. b. raise price and expand output to increase profit. c. lower price and expand output to increase profit. d. attempt to maintain this position because it is consistent with profit maximization.
An investment bank is a financial institution that finances federal budget deficits at very low interest rates
a. True b. False Indicate whether the statement is true or false
Which of the following policies would be most likely to reduce the efficiency of a country's economic organization?
a. a legal structure that establishes secure property rights b. imposition of tariffs and other barriers limiting international trade c. competitive markets d. a stable monetary system