The U.S. economy does a very good job with respect to
A. both equity and efficiency.
B. equity, but not efficiency.
C. efficiency, but not equity.
D. neither equity nor efficiency.
C. efficiency, but not equity.
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Refer to the figure above. If a price control is imposed at $8, what is the loss in producer surplus?
A) $30 B) $60 C) $90 D) $120
Which of the following statements is true of a barter system? a. In a barter system, an individual offers one good or service to get another good or service. b. In a barter system, an individual offers money to get a good or service
c. In a barter system, an individual offers a good or service to get money. d. In a barter system, different kinds of money are exchanged for one another. e. In a barter system, all individuals are self-sufficient.
When a monopolist sells two units of output its total revenues are $100. When the monopolist sells three units of output, its price per unit is $35. The monopolist's marginal revenue from selling the third unit of output is:
A. $5. B. $33.33. C. $35. D. $105.
Firms in perfect competition are price takers because
A) one firm determines the price that all other firms in the industry will charge. B) consumers have enough market power to set prices. C) firms accept the price determined by the government. D) each firm is too small relative to the market to be able to influence the price.