In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 5, what is the amount of the resulting deadweight loss?
A) 0
B) 5
C) 10
D) It cannot be determined without more information.
C
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The manufacturing sector is dominated by
A) corporations. B) partnerships. C) proprietorships. D) government firms.
In 1943-1945
A. there was substantial unemployment in the U.S. B. there was substantial excess plant and equipment in the U.S. C. the U.S. had not yet completed its recovery from the depression. D. the U.S. was temporarily operating at a point beyond the production possibilities frontier.
Which of the following is true of the OLS t statistics?
A. The heteroskedasticity-robust t statistics are justified only if the sample size is large. B. The heteroskedasticty-robust t statistics are justified only if the sample size is small. C. The usual t statistics do not have exact t distributions if the sample size is large. D. In the presence of homoskedasticity, the usual t statistics do not have exact t distributions if the sample size is small.
Which of the following is TRUE of the Federal Reserve System?
a) It is controlled by the executive branch of the federal government. b) Its decisions must be approved by a majority vote by Congress. c) It has the power to increase the money supply. d) It does not influence interest rates.