Government failure
A. leads to a more efficient allocation of resources.
B. occurs because government officials do not act in their own self?interest.
C. occurs because households or firms do not act in their own self?interest.
D. leads to a less efficient allocation of resources.
Answer: D
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In the figure below, if the market is a monopoly rather than perfectly competitive, the deadweight loss equals ________.
A) area A.
B) area B.
C) area C.
D) area A + area B.
The demand for a good would be more price inelastic
a. the shorter the time the consumer has to adjust to price changes b. the higher the price of the good c. the more the number of good substitutes d. the less essential the nature of the good e. if the supply is more price elastic
If a monopolist sells 100 units at $8 per unit and realizes an average total cost of $6 per unit, what is the monopolist's profit?
a. $200 b. $400 c. $600 d. $800
Carolina holds $2,000 in her savings account in case of a medical emergency. This represents a
A. Precautionary demand for money. B. Transaction demand for money. C. Medical savings account. D. Income demand for money.