As the quantity produced of a good increases, the social welfare generated by that good increases
Indicate whether the statement is true or false
False. This only takes consumer surplus into account. Beyond the competitive equilibrium, additional units of output have less value than the cost to make them. Thus, beyond the competitive equilibrium, social welfare declines as the quantity of a good increases.
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Unlimited personal liability is a disadvantage for
A) sole proprietorships and partnerships. B) partnerships and corporations. C) sole proprietorships and corporations D) corporations.
The longer the time period considered, the more the elasticity of supply tends to _______.
a. decrease b. remain constant c. increase d. converge to zero
Which of the following is true?
a. Healthcare in Canada and most of the European countries is a socialized industry. b. Socialization of the healthcare industry eliminates the problem of scarcity in the healthcare industry. c. The high-income countries of Europe are able to provide as much healthcare, free of charge, as their citizens want. d. All of the above are true.
Which of the following is not correct?
a. When developing economic theories, graphs offer a way to visually express ideas that might be less clear if described with equations or words. b. Graphs are one way of expressing the relationships among variables. c. When studying the relationship between two economic variables, graphs allow economists to draw indisputable conclusions about causes and effects. d. When analyzing economic data, graphs provide a powerful way of finding and interpreting patterns.