Assuming the firm in the graph shown is producing Q1 and charging P3 in the long run, then the deadweight loss is
These are the cost and revenue curves associated with a firm.
A. Area A.
B. Area B.
C. Area C.
D. There is no deadweight loss.
B. Area B.
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The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. If real GDP is equal to $900 billion, then
A) aggregate planned expenditure is greater than real GDP. B) aggregate planned expenditure will need to decrease to reach the equilibrium. C) aggregate planned expenditure is less than real GDP. D) this is the equilibrium level of real GDP. E) aggregate planned expenditure is equal to real GDP.
Any change in a firm's fixed costs will change its profit-maximizing level of output
a. True b. False Indicate whether the statement is true or false
If the supply for a product increases, but the demand for the product stays the same, which of the following would happen?
a. There will be a scarcity of the product. b. There will be an equilibrium of the product. c. There will be a shortage of the product. d. There will be a surplus of the product.
Which of the following statements concerning the prisoner's dilemma is TRUE?
A. Neither player will pick the dominant strategy. B. The player who moves last will always win. C. The player who moves first will always win. D. Confessing is the dominant strategy for both players.