If you get great pleasure from anticipating a fun event which of the following is true?
A. You likely have more savings than you would have without the anticipatory pleasure.
B. Your intertemporal indifference curve is steeper than it would be without that pleasure.
C. You have a higher marginal rate of time preference than if you didn't get that pleasure.
D. All of these are true.
Answer: A
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When efficiency is attained, the sum of the total amount of consumer surplus and producer surplus is
A) minimized. B) maximized. C) equal to the deadweight loss. D) undefined. E) equal to zero.
Restructuring is another word for deregulation
Indicate whether the statement is true or false
Economists study perfect competition
A. because many markets are perfectly competitive. B. for its descriptive realism. C. to establish a benchmark by which to measure the performance of the economy. D. All of the responses are correct.
A market equilibrium might not maximize total economic surplus because:
A. in a market equilibrium individuals do not act rationally. B. efficiency is not an important social goal. C. in a market equilibrium individuals do not exploit all opportunities for individual gain. D. sometimes goods entail costs and benefits that do not fall on buyers and sellers.