Which of the below statements is true?
a. It is efficient to produce beyond the equilibrium output level as long as costs are low.
b. The level of output that maximizes the value of an economy's output is found at the intersection of supply and demand in a competitive market.
c. Production and exchange is beneficial as long as the demand curve lies below the supply curve.
d. Mutually beneficial exchange is mostly harmful unless regulated.
b
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A perfect price discriminator
A) charges the maximum price for each unit that consumers are willing to pay. B) is able to convince consumers to pay more for each unit than they are willing to pay. C) is unable to make an economic profit. D) disregards the market demand curve.
Walmart, the largest employer in the United States, employs
A. Approximately 10 percent of the labor force. B. Less than 1 percent of the labor force. C. Approximately 2 percent of the labor force. D. More than 15 percent of the labor force.
A consumer's ________________ line or constraint shows various combinations of two products that can be purchased with a specific amount of income.
Fill in the blank(s) with the appropriate word(s).
The potential for redistribution cannot be exaggerated
Indicate whether the statement is true or false