Total surplus equals:
a. consumer surplus + producer surplus ? deadweight loss.
b. consumer surplus ? producer surplus ? deadweight loss.
c. consumer surplus ? producer surplus + deadweight loss.
d. consumer surplus + producer surplus.
d
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With a tax of $4,000 on $24,000 taxable income, the average tax rate is
A. 16.67%. B. 23.45%. C. 20%. D. 25%.
When a telemarketer calls you about a product, this is an example of
A) direct marketing. B) indirect marketing. C) searching for a good. D) persuasive marketing.
Justin stopped at the gas station on the way to campus and bought four candy bars, two 20-ounce bottles of juice, and 10 gallons of gas. His marginal-utility-to-price ratios are 3.2 for the candy bars, 4.8 for the juice, and 5.7 for the gas. Explain why this set of purchases did not maximize Ryan's utility and how could he have increased his utility.
What will be an ideal response?
The four-firm concentration ratio cannot have a value above 1.0.
Indicate whether the statement is true or false.