With a monopoly, the total surplus is lower than it would be with a perfectly competitive industry.
Answer the following statement true (T) or false (F)
True
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Pizza producers charge one price for a single pizza and almost give away a second one. This is an example of
A) monopoly. B) a barrier to entry. C) behavior that is not profit-maximizing. D) price discrimination. E) rent seeking.
If the money supply is $200 million, the reserve requirement is 20%, and currency holding $10 million, then reserves are
a. $10 million. b. $40 million. c. $30 million. d. $40 million. e. none of the above
A prominent argument against the use of price ceilings is:
A. they lead to a surplus and a waste of society's resources. B. they are unfair. C. they raise corporate profits. D. they lead to rent seeking.
Along a consumer's demand curve, price reflects
a. the costs of production b. the dollar value of the total utility from the good c. the dollar value of the marginal utility of each additional unit of the good d. the maximum quantity that could be purchased, given income e. non-rational decision making