Suppose a new law makes illegal the sale of a good that had been legal. This will
A. eliminate deadweight loss.
B. decrease producer surplus.
C. increase consumer surplus.
D. increase producer surplus.
Answer: B
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What is the main difference between classical economists' ideas about economic growth versus what modern evidence suggests?
What will be an ideal response?
Which of the following is NOT true for a perfectly competitive firm?
A) P = MR B) AR = MR C) MR = TR D) P = AR
Higher energy prices can be used to adequately explain the productivity slowdown in
a. the United States and the rest of the world. b. the United States but not the rest of the world. c. the rest of the world but not the United States. d. neither the United States nor the rest of the world.
According to the textbook, in 2011 the top 1 percent of income earners in the U.S. earned more than $388,905
Indicate whether the statement is true or false