Suppose that a perfect-maximizing monopolist operates with a horizontal marginal cost curve and no fixed costs. Which of the following would NOT be represented as part of the area between its demand curve and marginal cost curve?
A) total costs
B) economic profits
C) consumer surplus
D) deadweight loss
Answer: A
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The budget line and the indifference curve are geometric devices used to provide a closer look at consumer choice.
Answer the following statement true (T) or false (F)
Over the most recent movement from cyclical peak to trough 2001: Q1 to 2001: Q4, gross private domestic investment ________ approximately ________ percent
A) rose; 61 B) fell; 7 C) rose; 21 D) fell; 11
Real labor income is given by ________
A) MPL × L B) labor share of income × labor productivity × labor C) labor share of income × output D) all of the above E) none of the above
In the national income accounts, the symbol G represents the
a. government production of goods and services. b. volume of goods and services purchased by the federal government. c. value of goods and services purchased by the federal government. d. value of goods and services purchased by all levels of government.