The difference between the marginal benefit from a new pair of shoes and the price of the new pair of shoes is
A) the consumer surplus from that pair of shoes.
B) what we get.
C) what we have to pay.
D) the price when the marginal benefit is maximized.
E) the consumer's expenditure on the shoes.
A
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In the above figure, which area is the deadweight loss from a single-price monopoly?
A) E B) E + H C) E + H + K D) E + H + K + J
The Sherman Antitrust Act was passed in:
a. 1890. b. 1914. c. 1929. d. 1933.
A firm's total revenue is $400 for 8 units of output, $600 for 12 units of output, and $1,100 for 22 units of output. Evidently this firm is operating in a(n):
a. perfectly competitive market. b. monopolistic market. c. monopsonist market. d. monopolistically competitive market. e. oligopolistic market.
When domestic prices rise,
A. people buy fewer imported goods. B. people buy more imported goods. C. interest sensitive consumption rises. D. exports rise.