When there is allocative efficiency in a purely competitive market for a product, the minimum price producers are willing to accept is:
A. Less than marginal benefit
B. Greater than marginal cost
C. Equal to the amount of efficiency or deadweight losses
D. Equal to the maximum price consumers are willing to pay
D. Equal to the maximum price consumers are willing to pay
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Refer to Table 19-28. Based on the table above, what is national income for this economy?
A) $1,950 billion B) $2,250 billion C) $2,950 billion D) $3,550 billion
Product differentiation plays an important role in perfect competition
Indicate whether the statement is true or false
The marginal income tax rate applies to
A) all income earned by a family. B) the income in the highest tax bracket reached. C) the income of the highest income U.S. taxpayers. D) the income received by people above the national average.
Economic growth, as measured by increases in real GDP per-capita, was at its strongest during the
A. 1990s. B. 1960s. C. 2010s. D. 2000s.