For markets operating at quantities lower than the equilibrium quantity produced in an equivalent perfectly competitive market:
A. the outcome is efficient.
B. total surplus is increased.
C. consumer surplus is always increased.
D. total surplus for society is reduced.
D. total surplus for society is reduced.
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the equilibrium output will be
A) 2,000 tons. B) 3,000 tons. C) 4,000 tons. D) 5,000 tons.
In an arms race between two nations, both would be better off if _____
a. they could agree not to engage in the arms buildup b. if more countries entered the arms race c. one nation controlled more resources than the other d. a conflict broke out in another part of the world
The point of tangency between a consumer's budget constraint and his or her indifference curve represents
a. complete satisfaction for the consumer. b. the equivalence of prices the consumer pays. c. constrained utility maximization for the consumer. d. the least he or she can spend.
When can proxy fights take place in a corporation?