In the above figure, which area is the deadweight loss from a single-price monopoly?
A) E
B) E + H
C) E + H + K
D) E + H + K + J
B
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It is easier to avoid state and local taxes than federal taxes.
A. True B. False C. Uncertain
Tina's marginal utility of her first piece of cake is 15, while Jerry's marginal utility of his first piece of cake is 24 . An economist would conclude that:
a. Tina likes cake more than Jerry likes cake. b. Jerry likes cake more than Tina likes cake. c. Tina likes cake less than Jerry likes cake. d. Jerry likes cake less than Tina likes cake. e. we can't make a comparison to see who values cake more.
Which of the following is the best example of a variable cost?
a. property taxes b. lease payments for equipment rental c. rent on office space d. wages for hourly workers e. interest on outstanding loans
For a firm selling its product in an imperfectly competitive market, the marginal revenue product of labor can be found by:
A. adding marginal product to total product as one more unit of labor is employed. B. adding marginal revenue to total product as one more unit of labor is employed. C. multiplying marginal product by product price. D. multiplying marginal product by marginal revenue.