What is the effect of profits in a monopoly?
a. Society is faced with a deadweight loss equal to the profit.
b. Consumer losses are offset by producer gains.
c. Producer losses are offset by consumer gains.
d. Society gains at the monopolist’s expense.
b. Consumer losses are offset by producer gains.
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Subtracting all exemptions, except for _____, gives the taxpayer's adjusted gross income
a. capital gains exemptions b. personal exemptions c. business expenses exemptions d. home office exemptions
An individual consumes only two goods, X and Y. Which of the following expressions represents the utility maximizing market basket?
A) MRSxy is at a maximum. B) Px/Py = money income. C) MRSxy = money income. D) MRSxy = Px/Py. E) all of the above
What are social costs? How do they differ from private costs?
What will be an ideal response?
According to Robert Zevin's 1971 study of textiles, the U.S. cotton textile industry had ____ percent of the number of Britain's textile labor force, but produced ____ percent as much cotton
a. 80; 80 b. 50; 80 c. 50; 40 d. 25; 40