Refer to the figure above. If a price control is imposed at $8, what is the deadweight loss?
A) $10
B) $50
C) $65
D) $85
B
You might also like to view...
The Millennium Development Goals include
a. eliminating the proportion of people living on less than $1 per day. b. universal primary education. c. increasing exports by one half. d. all of the above.
The fact that a firm is a price-setter does not ensure it will make a positive economic profit in the short run and over time
Indicate whether the statement is true or false
A schedule of amounts of a good that people will purchase at various prices during a specific time period holding other factors constant is
A) a market. B) supply. C) demand. D) the market clearing price.
Figure 33-4
?
Figure 33-4 shows four movements of the inflation rate and the unemployment rate. Which panel shows the movement associated with a “supply shock” like those of the 1970s?
A. 1 B. 2 C. 3 D. 4