Marginal costs are costs that do not vary with the quantity of output produced
a. True
b. False
Indicate whether the statement is true or false
False
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The point at which buyers and sellers "agree" on the quantity of a good they are willing to exchange at a given price is called:
A. equilibrium. B. optimization. C. maximization. D. market collapse.
When a country allows trade and becomes an exporter of goods consumers gain more than producers lose
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. College graduates earn much more than high school graduates mainly because of what they learn in college. B. The bulk of all property income goes to the middle class. C. Most government transfer payments go to the poor. D. The bulk of all property income goes to the rich.
The net loss of total surplus that results from the misallocation of resources is referred to as ______.
a. producer surplus b. consumer surplus c. subsidy gain d. deadweight loss