Suppose the domestic market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the domestic market supply function is Qs = 2.5P - 7.5. Suppose further that the world price for the good in question is $3.40 per unit. How much deadweight loss would be caused by a $1.20 tariff on imported units of this good?
A. $3,200
B. $3,600
C. $5,400
D. $3,000
B. $3,600
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The Sherman Act
A) prohibited banks from crossing states lines. B) prohibited railroads from transporting explosives. C) provided for the regulation of natural monopolies. D) declared that monopolization and restraint of trade were illegal.
In a study of banking by asset size over time, we can find which asset sizes are tending to become more prominent. The size that is becoming more predominant is presumed to be least cost. This is called:
a. regression to the mean analysis. b. breakeven analysis. c. survivorship analysis. d. engineering cost analysis. e. a Willie Sutton analysis.
The type of currency in circulation in the modern U.S. economy is almost entirely
A. commodity money. B. metallic money. C. fiat money. D. silver certificates.
At the profit-maximizing level of employment, the monopsonist
A. pays a wage equal to MRP. B. pays a wage less than MRP. C. pays a wage greater than MRP. D. pays a wage equal to MFC.