The advantages of maintaining monopolies:
A. always outweighs the total welfare costs due to lost surplus.
B. never outweighs the total welfare costs due to lost surplus.
C. sometimes outweighs the total welfare costs due to lost surplus.
D. is a normative argument that has no right answer.
Answer: D
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Refer to the above table. If the price is $6, the perfectly competitive firm should produce
A) 104 units. B) 105 units. C) 106 units. D) 107 units.
If people like their goods in fixed proportions, the two goods are
a. perfect substitutes b. perfect complements c. complements (but not perfect) d. substitutes (but not perfect)
Explain why the rate of return from investing in stocks is higher than from investing in bonds
What will be an ideal response?
The following table depicts both the product and labor markets for imported coffee. What is the total revenue when 15 workers per day are hired?
A) $5,000 B) $6,750 C) $7,350 D) $7,500