The social costs of imperfect competition are known as
A) dead-weight loss. B) consumer surplus. C) producer surplus. D) none of the above.
Answer: A
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What is the law of demand and how do we illustrate it?
What will be an ideal response?
U.S. unemployment as a result of freetrade agreements such as NAFTA
a. should be taken much more seriously, and workers should be offered assistance. b. is a temporary phenomenon to which the economy will adjust within a few years. c. results in a shift into lower productivity jobs such as hamburger flipping. d. results in a shift into lower productivity jobs such as hamburger flipping and is a temporary phenomenon to which the economy will adjust within a few years.
Refer to the above graph showing the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P 1 to P 2?
An increase in consumer incomes An increase in production costs An increase in the price of a substitute product A decrease in the price of a complementary product
Briefly explain the similarities and differences of decision making by the market sector and the public sector
What will be an ideal response?