An outcome is socially optimal if it:
A. is determined by the government.
B. maximizes total economic surplus.
C. leaves no unexploited opportunities for individuals.
D. is an equilibrium outcome.
Answer: B
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Refer to Scenario 10.7. How many ink pads will be produced to maximize revenue?
A) 0 B) 250 C) 300 D) 500 E) none of the above
The table shows items and figures taken from a consolidated balance sheet of the 12 Federal Reserve Banks. All figures are in billions of dollars. In this balance sheet, the assets would be items 5 and
A. 4 and 6.
B. 2 and 3.
C. 1 and 2.
D. 3 and 4.
What experiences have developing countries had with trade blocs?
What will be an ideal response?
Under perfect competition, the firm's supply curve is made up of the
A. points where MC=MR, and they make at least breakeven. B. points where MC=MR, and they make a profit. C. points where MC=MR. D. points where MC=MR above the minimum of AVC.