The lessons of the Japanese recovery were most successfully repeated by
a. the Soviet Union.
b. Argentina and Brazil.
c. Taiwan, Singapore, and Hong Kong.
d. Bulgaria and Romania.
c
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Markets may not work well due to
a. lack of factor mobility b. high degree of monopoly c. weak legal infrastructure d. government regulation e. all of the above
Given the scenario described, if the market price of hammers was $12, then total producer surplus would be:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. $7. B. $9. C. $17. D. $30.
Microeconomics analyzes individual parts of the economy rather than broad economic aggregates
a. True b. False
Monopolistic competition entails a deadweight loss to society, even if the firms earn zero economic profits.
Indicate whether the statement is true or false.