If a monopoly situation arises from a perfectly competitive market, the portion of producer surplus that increases in a monopoly is transferred from the perfectly competitive market's
A) fixed cost.
B) long-run positive economic profit.
C) deadweight loss.
D) consumer surplus.
D
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In the early 1970s, in an attempt to solve the problem of the overvalued U.S. dollar, world leaders
a. increased the price of gold in terms of other currencies b. appreciated the dollar, which made foreign exchange cheaper to U.S. residents c. appreciated the dollar, which made foreign exchange more expensive to U.S. residents d. devalued the dollar, which made foreign exchange cheaper to U.S. residents e. devalued the dollar, which made foreign exchange more expensive to U.S. residents
A recessionary output gap is defined to be when:
A. equilibrium aggregate expenditure is below full employment GDP. B. equilibrium aggregate expenditure is equal to full employment GDP. C. equilibrium aggregate expenditure is above full employment GDP. D. government spending is insufficient causing a gap in GDP.
Suppose a hurricane decreased the supply of oranges so that the price of oranges rose from $120 a ton to $180 a ton and quantity sold decreased from 800 tons to 240 tons. What is the absolute value of the price elasticity of demand?
A) 0.11 B) 0.37 C) 2.69 D) 9.33
In 1990, there were 50 bilateral agreements and regional trade agreements between countries. Today there are
A. 30 of these agreements. B. more than 230 of these agreements. C. more than 10,000 of these agreements. D. none of these agreements remaining.