Monopolies ________ society's total surplus by producing ________ than the efficient quantity.
A) decrease; more
B) increase; less
C) decrease; less
D) increase; more
C) decrease; less
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A shift of the U.S. demand curve for Mexican pesos to the left and a decrease in the peso price per dollar would result from
a. an increase in the U.S. inflation rate relative to the rate in Mexico. b. a change in U.S. consumers' tastes away from Mexican products and toward products made in South Korea, India, and Taiwan. c. U.S. buyers perceiving that domestically - produced products are of a lower quality than products made in Mexico. d. all of the above answers are correct.
If the labor market is in equilibrium and then the labor supply curve shifts rightward
A) there will be a shortage of labor at the original equilibrium wage rate. B) there will be a surplus of labor at the original equilibrium wage rate. C) the equilibrium wage rate will rise. D) there will be a surplus of jobs at the new equilibrium.
"Natural unemployment" includes those out of work because of
A) expected or normal turnover which will always characterize a part of the labor force. B) structural unemployment caused by normal technological change in production. C) a recession. D) A and B.
Tariffs to limit imports to "protect U.S. jobs" will also
A) stimulate exports. B) limit exports. C) decrease import prices. D) reduce domestic production of import-threatened products.