According to Edward Chamberlin, is the "differentness" of products a waste of resources? Explain
What will be an ideal response?
According to Chamberlin, the "differentness" of products that consumers pay for is represented by the difference between the average cost of production for a monopolistic competitor and the minimum average total cost. He did not consider this amount a waste of resources but what consumers are willing to pay for in exchange for more choice and variety in output.
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Refer to Figure 4-8. What is the value of consumer surplus after the imposition of the ceiling?
A) $120,000 B) $230,000 C) $270,000 D) $430,000
A Basic principle of economics is:
A) knowing your customer means understanding their income. B) there are costs involved in any action or decision. C) demand equals supply. D) equilibrium is beneficial. E) size and market share are important goals for a business.
All of the following statements about the Toxic Substances Control Act (TSCA) are correct EXCEPT
a. TSCA was enacted in the 1970s. b. One of TSCA’s primary objectives is to control chemicals that pose a risk after they are introduced into commerce. c. TSCA is the legislation that governs U.S. chemical policy today. d. TSCA grants EPA the authority to require testing on existing chemicals and to review most newly introduced chemicals before introduced to commerce.
The current Social Security system works to the disadvantage of blacks primarily because the
a. average annual earnings of blacks are generally lower than other groups. b. average life expectancy of blacks is generally less than other groups. c. Social Security tax rates imposed on blacks are higher than those imposed on other groups. d. Social Security benefit formula is disadvantageous to blacks.