Exhibit 3A-2 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-2, if the quantity supplied of good X per year is Q1, the result is:

A. deadweight loss.
B. efficiency.
C. overproduction.
D. equilibrium.


Answer: A

Economics

You might also like to view...

A nation's population was 250 million last year and is 255 million this year. If its real GDP was $8.5 trillion last year and is $8.8 trillion this year, what is its growth rate of real GDP per person?

What will be an ideal response?

Economics

What is the difference between the short run and the long run?

What will be an ideal response?

Economics

A country's domestic currency's real exchange rate, q, is best described by

A) the price of similar goods in the same market. B) the price of the domestic basket in terms of the foreign one. C) the price of a domestic basket. D) the price of the foreign basket in terms of the domestic basket. E) the price of different goods baskets in the same market.

Economics

If a firm wants to maximize profits, it should hire workers up to the point at which

A) total factor cost = total revenue. B) marginal factor cost = marginal revenue product. C) marginal utility = marginal cost. D) total social benefit = total social costs.

Economics