When comparing perfect competition to a single-price monopoly with the same costs
A) both market types use resources efficiently.
B) there is a deadweight loss associated with a monopoly.
C) the sum of producer and consumer surplus is maximized under a monopoly.
D) the sum of producer and consumer surplus is minimized under perfect competition.
B
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Supply-side economics is the school of thought that advocates the use of
A) monetary policy to stimulate long-run aggregate supply. B) fiscal policy to stimulate long-run aggregate demand. C) monetary policy to stimulate short-run aggregate demand. D) fiscal policy to stimulate long-run aggregate supply.
Why is there a supply curve in pure competition but no supply curve in pure monopoly?
What will be an ideal response?
The increased practice of "defensive medicine" is a consequence of:
A. Professional board licensing requirements B. The threat of medical lawsuits C. Incentives given by drug companies D. An Act passed by Congress
How does the national debt as a percentage of GDP in the United States compared to the United Kingdom?
a. U.S. national debt ratio is smaller. b. U.S. national debt ratio is slightly larger. c. U.S. national debt ratio is substantially larger. d. U.S. national debt ratio is substantially smaller.