Which of the following markets impose deadweight losses on society? (i) perfect competition (ii) monopolistic competition (iii) monopoly
a. (i) and (ii) only
b. (ii) and (iii) only
c. (i) and (iii) only
d. (i) only
b
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An example of a commitment device would be:
A. a swear jar that you and your friends agree must be paid $5 each time someone swears. B. putting a note on the cookie jar that you want to lose weight. C. buying yourself an ice cream after going to the gym. D. All of these are examples of commitment devices.
A country is said to have an absolute advantage in the production of a good when:
a. its opportunity cost of producing the good is lower than another country. b. it can produce the good using fewer resources than another country. c. it specializes in the production of the good. d. all of these.
If the supply curve shifts to the right, how does this affect the market for product A?
a) A higher equilibrium price and a higher equilibrium quantity. b) A lower equilibrium price and a lower equilibrium quantity. c) A higher equilibrium price and a lower equilibrium quantity. d) A lower equilibrium price and a higher equilibrium quantity.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point B to Point C so that an additional 20 OLED televisions could be produced, production of LCD televisions would have to be reduced by
A. more than 30. B. exactly 60. C. fewer than 30. D. exactly 30.