The above figure shows the market for steel ingots. If the market is competitive, then the deadweight loss to society is
A) a.
B) b.
C) c.
D) zero.
C
You might also like to view...
As entrepreneurs find new market niches and help specific industries grow, other industries will
(a) grow proportionately. (b) grow disproportionately. (c) fail. (d) grow disproportionately and fail.
Mary can clean 20 windows per hour or type 30 pages of paper per hour. Tom can clean 18 windows per hour or he can type 25 pages of paper per hour. Based on this
A) Mary has comparative advantages in activities. B) Tom has comparative advantages in both activities. C) Tom has a comparative advantage in cleaning windows. D) Mary has a comparative advantage in cleaning windows.
If a country has a comparative advantage in tea moved from autarky to free trade, this would cause what reaction in the world market?
A. Domestic tea producers would be opposed. B. Foreign tea producers would be opposed. C. Foreign tea consumers would be opposed. D. Foreign producers would be in favor of.
According to the Coase theorem, the private market will need government intervention in order to reach an efficient outcome
a. True b. False Indicate whether the statement is true or false