The figure above shows the market for umbrellas in Sunville. Suppose one firm owns all umbrella stores in Sunville and charges $40 per umbrella. In this situation, the market for umbrellas is
A) efficient, with no deadweight loss but also no surplus.
B) inefficient, with a deadweight loss of $2,666.67.
C) inefficient, with a deadweight loss of $1,333.33.
D) efficient, generating a total surplus of more than $10,000.
C
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a. True b. False
Who is likely to be in favor of a country that would be a net-importer if it moved from autarky to free trade?
A. Domestic producers B. Domestic consumers C. Foreign consumers D. Foreign governments.
There are several factors that nearly everyone agrees have contributed to economic growth in some or all countries. They do not include which of the following?
a. Growth in the quantity and quality of labor resources used b. Increase in the use of inputs provided by the land c. Growth in physical capital inputs d. All of the above are included.
The Phillips Curve relates
A. the unemployment rate to inflation. B. the real wage to the natural rate of unemployment. C. the unemployment rate to the real wage. D. the unemployment rate to economic growth. E. the real wage to total employment.