Monopolizing the sale of liquor
A) can lead to an increase total welfare.
B) will decrease total welfare.
C) results in a deadweight loss.
D) is anti-competitive and thus lowers total welfare.
A
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A variable factor of production:
A. is fixed in the long run but variable in the short run. B. is variable in both the short run and the long run. C. plays no role in the law of diminishing marginal returns. D. is variable only in the short run.
A tax imposed on imported goods is
A. A tariff. B. An embargo. C. An example of fiscal policy. D. A quota.
Inventories are included in GDP because
A. they are value added to final goods. B. they were produced and are sold in their final form. C. they will depreciate. D. they are considered government spending.
A monopolist's marginal revenue is always less than its price at any one level of output.
Answer the following statement true (T) or false (F)