In the above figure, the distance between A and B represents this monopoly firm's
A) total profit.
B) total revenue.
C) average profit per unit.
D) average cost per unit.
C
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In the above figure, the slope across the arc between b and c is
A) 1/2. B) 2/3. C) 1. D) 2.
If the Chinese government sets a price ceiling below the equilibrium price, the result will be to
A) increase total surplus. B) create deadweight loss. C) increase surplus and create deadweight loss. D) eliminate deadweight loss.
The 1990s and 1920s have which of the following in common?
(a) Growth in real output, real output per person, employment and productivity (b) Changes in the levels of nominal output, money supply and participation in the stock market (c) Similar expansions in the stock markets at the end of each period (d) All of the above
Deadweight loss is the result of:
a. disequilibrium. b. underproduction. c. overproduction. d. all of these are correct.