Because a monopoly ignores external costs, it is possible that it will
A) produce the socially optimal quantity of a good.
B) produce more than the socially optimal quantity of a good.
C) produce less than the socially optimal quantity of a good.
D) All of the above.
D
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Varying the quantity of output produced and sold at preset prices is called:
A. self-correcting economics. B. Say's law. C. meeting demand. D. spurring inflation.
The Great Depression ended in the United States when
a. the New Deal reforms were initiated by President Roosevelt. b. deficit spending ended in 1937. c. the United States returned to the gold standard in 1940. d. the United States began to mobilize for war in the early 1940s. e. the German economy suffered hyperinflation in the 1920s.
In the United States the share of foreignborn workers with 12 years of education or less is:
a. less than 10%. b. less than 50%. c. more than 70%. d. negligible.
In perfect competition, the marginal revenue curve
A) and the demand curve facing the firm are identical. B) is always above the demand curve facing the firm. C) is always below the demand curve facing the firm. D) intersects the demand curve when marginal revenue is minimized.