Refer to the above figure. When the price in the market is $4, economic profits will equal
A) $100.
B) $200.
C) $300.
D) $400.
A
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Which of the following is used to calculate the standard of living?
A) real GDP/population B) ((real GDP in the current year - real GDP in previous year)/real GDP in previous year) × 100 C) the one-third rule D) real GDP/aggregate hours
If a perfect competitor is losing money it must be in the _________.
Payroll tax puts a wedge between the wages firms pay and the wages workers earn due to ______.
a. which party the tax is levied against b. the inelasticity of supply relative to demand c. whether the supply or demand curve is shifted d. the fact that firms essentially pay the tax twice
When negative externalities from production exist, the deadweight loss from a competitive market may be larger than with a monopoly
What will be an ideal response?