The market to buy and sell organs:
A. would increase the well-being of those who interacted in it.
B. would not be considered "missing," since surplus could be gained from it.
C. would create negative surplus in those who could not afford an organ, but needed one.
D. would never exist because it is unfair.
A. would increase the well-being of those who interacted in it.
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The marginal utility from the consumption of a good is equal to the
A) total utility divided by the quantity consumed. B) total utility divided by the price. C) change in total utility divided by the change in the quantity consumed. D) change in total utility divided by the change in price.
Price controls
a. are always popular with consumers because they lower prices. b. create shortages. c. increase producer surplus because firms can now sell a greater quantity of a good at a lower price. d. are necessary to preserve equity.
In the U.S. taxes:
a. are higher as a share of GDP than in France b. rely more on sales taxes than on income taxes c. have higher shares of social security contribution than in Europe d. none of the above
A firm operating in a competitive market will stay in business in the long run so long as the market price is equal to or exceeds the firms average total cost; otherwise, the firm will shut down
Answer the following statement(s) true (T) or false (F)