Economists label the net loss to society due to an uncompetitive labor market structure as a
A. consumer surplus.
B. consumer deficit.
C. deadweight loss.
D. producer surplus.
Answer: C
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The idea that the production function exhibits _______ implies that ________
A) diminishing returns; the Lucas Wedge increases at output increases B) diminishing returns; each additional unit of labor employed generates an ever-decreasing amount of real GDP C) increasing returns; potential GDP is always increasing D) increasing returns; output should increase steadily as technology grows E) constant returns; each additional unit of labor employed generates an increasing amount of real GDP
Insurance works because
A) all policyholders pay in according to risks and all then receive a pay out in return. B) all policyholders pay in according to risks and then receive a pay out only if they incur a loss. C) all policyholders pay in according to risks and nobody receives any pay out. D) only high risk policyholders pay in while everyone is entitled to a pay out.
A perfectly competitive firm can maximize profits by producing the quantity at which MR exceeds MC by the greatest amount.
Answer the following statement true (T) or false (F)
If aggregate expenditure exceeds GDP, we expect inventories to shrink and firms to increase production
a. True b. False