Technological change will
A) shift the per-worker production function down.
B) move the economy to a point beneath the per-worker production function.
C) shift the per-worker production function up.
D) move the economy along a given per-worker production function.
C
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Taxes may cause deadweight losses because __________.
A) they increase consumer surplus at the expense of producer surplus. B) they transfer purchasing power from buyers to the government. C) they transfer purchasing power from sellers to the government. D) they lower the surplus in the market.
Marginal utility is the
a. overall satisfaction obtained from consuming a good b. additional satisfaction obtained from consuming one more unit of a good c. average satisfaction obtained from consuming a good d. the change in satisfaction obtained from consuming 1 percent more of a good e. additional cost of one more unit of a good
Additional external costs associated with the production of consumer goods often comes in the form of what?
a. Market failure costs b. Externality costs c. Pollution costs d. Spillover costs
For a perfectly competitive firm,
A. price is always greater than marginal revenue. B. price is always less than marginal revenue. C. price is always equal to marginal revenue. D. price and marginal revenue are unrelated.