Which of the following must cope with scarcity?
a. individuals
b. companies
c. governments
d. families
e. All of the above are correct.
e
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The unregulated, single-price monopolist illustrated in the figure above makes an economic profit of
A) zero. B) $8.00 per day. C) $10.00 per day. D) $40.00 per day.
When production reflects consumer preferences, ________ occurs
A) productive efficiency B) allocative efficiency C) equity D) efficient central planning
Which of the following will decrease the break-even quantity?
a. Falling fixed costs b. Increasing marginal costs c. An increase in the price d. Both A&C
Consumer surplus can be defined as the difference between:
a) the demand curve and the price of the good. b) the supply curve and the price of the good. c) the supply curve and the demand curve. d) the price charged by sellers and the price paid by buyers.