Refer to the following graph. 
A monopolist's inefficiency per unit of output at the profit-maximizing level of output is limited to cost per unit:
A. C.
B. A minus C.
C. B minus C.
D. A minus B.
Answer: B
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Every society must follow some kinds of criteria to determine who gets what. Examples of such criteria include
A) age. B) gender. C) height. D) willingness to pay. E) all of the above.
Without government intervention, society is likely to get too little production of: i. private goods that generate external costs ii. private goods that generate external benefits iii. public goods
a. (i) only b. (ii) only c. (iii) only d. both (ii) and (iii)
When competition is present and private ownership rights are clearly defined and securely enforced,
a. production and trade are encouraged and plunder (taking from others) is discouraged. b. people get ahead by helping others in exchange for income. c. employers will have to provide prospective employees with at least as good a deal as they could get elsewhere. d. all of the above are correct.
Over time, an increase in the real output and incomes of the trading partners of the United States will most likely
A. increase imports of U.S. goods. B. decrease U.S. exports. C. increase U.S. exports. D. decrease imports of U.S. goods.