The portion of consumer surplus that would have existed in a perfectly competitive market but is unobtainable by anyone in society under a monopoly is known as
A. an external cost.
B. a deadweight loss.
C. an unattainable surplus.
D. monopoly profits.
Answer: B
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The law of diminishing marginal utility exists for the first four units of a good if they have marginal utilities of:
A. 1, 2, 4, 8. B. 8, 4, 1, 2. C. 4, 8, 2, 1. D. 8, 4, 2, 1.
In economics, the long run is considered to be
A. The time period when all costs are variable. B. More than two years. C. The time period when all costs are explicit. D. One year.
If a 5 percent fall in the price of a product causes the quantity demanded of the product to increase by 10 percent, the demand is:
A. perfectly elastic. B. elastic. C. inelastic. D. unit elastic.
The steeper the labor supply curve,
A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal expenditure on labor. D) the better off workers are.