The next question is based on the demand and cost data for a pure monopoly given in the table below.OutputPriceTotal Cost0$500$25013002602250290320035041505005100680If the pure monopoly were forced to produce the allocatively efficient level of output through the imposition of a price ceiling, the price would have to be set at ________.
A. $150
B. $200
C. $250
D. $100
Answer: A
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Which of the following statements about health care is true?
a. The demand for health care is inversely related to price b. The demand for health care is positively related to price. c. Healthcare is an inferior good. d. Health care and health insurance is only provided by the government in the U.S. e. The supply of health care is inversely related to price.
Unemployment that occurs from fundamental technological changes in production, or from the substitution of new goods for customary ones, is known as
a. underemployment b. seasonal unemployment c. frictional unemployment d. structural unemployment e. cyclical unemployment
The "Four Tigers" are frequently associated with one another because all have used
a. command-type planning to promote rapid economic growth. b. foreign trade to promote industrialization. c. high rates of saving and investment. d. none of the above. e. b and c are correct
Suppose the demand curve and the supply curve in a market are both linear, and suppose the price elasticity of supply is 0.5 . Will the deadweight loss from a $3 tax per unit be larger if the price elasticity of demand is 0.3 or if the price elasticity of demand is 0.7?