The socially optimum equilibrium occurs where the private cost curve intersects the demand curve
a. True
b. False
Indicate whether the statement is true or false
False
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The above figure shows the market for rice in Japan. SDomestic represents the domestic supply curve, and Sworld represents the world supply curve. If imported rice is banned, the change in domestic producer surplus equals
A) f. B) f + g. C) f + g + h. D) h.
An economic forecast will always yield an accurate forecast
Indicate whether the statement is true or false
It's difficult to measure asset inflation because asset prices can increase when assets become more productive.
Answer the following statement true (T) or false (F)
Assume leisure is a normal good. The substitution effect of a wage increase implies a ________ demand for leisure and a ________ labor supply.
A. lower; higher B. higher; lower C. lower; lower D. higher; higher