In the figure above, if 4 million computers are produced per year then the ________ should be produced to achieve the allocatively efficient use of resources
A) marginal cost of a computer exceeds the marginal benefit of a computer, so more computers
B) marginal cost of a computer exceeds the marginal benefit of a computer, so fewer computers
C) marginal benefit of a computer exceeds the marginal cost of a computer, so more computers
D) marginal benefit of a computer exceeds the marginal cost of a computer, so fewer computers
B
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If the demand for a good is perfectly inelastic, what will happen to the quantity demanded if there is a tiny increase in price?
a. quantity demanded will increase proportionately b. quantity demanded will fall to zero c. quantity demanded will decrease proportionately d. quantity demanded will remain the same
The task of economic regulation is to
a. protect monopoly profits b. approximate the results of the competitive market c. replace competition with government ownership d. ensure laissez-faire e. increase competition within the market
An unanticipated decline in the demand for legal services will
a. increase both the wages of lawyers and the rate of return they can expect to derive from their legal education. b. lead to a shortage in the market for legal services. c. reduce the wages of lawyers but not the quantity of legal services supplied. d. reduce the wages of lawyers and the rate of return on a legal education..
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C