Which of the following is not implied to occur when economic efficiency is attained?
A. The gap between marginal benefits and marginal costs of product is at a maximum.
B. The per-unit cost of output produced is at a minimum.
C. Total consumer and producer surplus is at a maximum.
D. Allocative efficiency is achieved.
Answer: A
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The Herfindahl-Hirschman Index is calculated by ________
A) adding the market share of each firm in the market and squaring the resulting number B) squaring the market share of each firm competing in the market and then summing the resulting numbers C) adding the number of firms in the market and squaring the resulting number D) adding the profit earned by each firm in the market
Which oligopoly model was developed to explain price wars in an industry?
a. natural oligopolies b. cartels c. price leadership by a dominant firm d. game theory e. cost-plus theory
Which of the following statements regarding GDP is correct?
a. GDP includes factory production, but not any harm that may be inflicted on the environment. b. GDP accounts for all activities taking place outside markets. c. GDP provides detailed information about the distribution of income. d. GDP is a good measure of economic well-being for all purposes.
During the past 15 years, the increased use of _______ ________, ________ ________, and __________ ___________ the velocity of money has tripled the United States since the 1950's.
Fill in the blank(s) with the appropriate word(s).