Compared to perfect competition, the consumer surplus in a monopoly
A) is unchanged because price and output are the same.
B) is lower because price is higher and output is lower.
C) is higher because price is higher and output is the same.
D) is eliminated.
Answer: B
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To protect the environment, governments in the United States have mainly used
a. legally enforceable direct controls on pollution. b. taxes on goods whose production creates pollution. c. direct taxes on emissions. d. discretionary guidelines suggested to polluting firms.
Based on what happened at the Richmond? event, it is apparent that at a price of? $50, the quantity? _________ of laptops exceeded the quantity? _________. This resulted in an excess? _________ for laptops.
A. demanded; supplied; supply B. demanded; supplied; demand C. supplied; demanded; demand D. supplied; demanded; supply
Recall the Application about using value added to measure the size of Walmart to answer the following question(s). In listing both the amount and cost of Wal-Mart's 2017 sales, this Application is addressing the economic concept of:
A. real versus nominal GDP. B. GDP as a measure of welfare. C. chain-weighted indexes. D. value added.
Disposable income equals
A) income minus saving. B) income minus both saving and taxes. C) consumption minus taxes. D) the sum of consumption and saving. E) none of the above