Economic surplus is maximized in a competitive market when
A) producers sell the quantity that consumers are willing to buy.
B) demand is equal to supply.
C) marginal benefit equals marginal cost.
D) the deadweight loss equals the sum of consumer surplus and producer surplus.
C
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Which of the following groups has had declining labor force participation over the last 30 years?
a. Women b. Men c. Teenagers d. Americans
Table 13.1XYZ Bank Balance SheetAssetsLiabilitiesTotal reserves$100,000Transactions accounts$400,000Loans300,000??Refer to Table 13.1. With a required reserve ratio of 12 percent, XYZ Bank would have excess reserves of
A. $100,000. B. $48,000. C. $12,000. D. $52,000.
Suppose a 1-pound steak sells at a grocery store for $7. Suppose that the grocery store purchased it from a butcher for $4. Suppose the butcher bought cattle from farmers for $2 per sellable pound, paid their labor approximately $1 for pound of sellable beef labor, and made $1 in profit. What is the GDP contribution of the steak?
A. It is $15. B. It is $4. C. It is $11. D. It is $7.
Answer the next question on the basis of the following data faced by a perfectly competitive firm.OutputMarginal RevenueMarginal Cost0----1$16$102169316134161751621If the firm's minimum average variable cost is $10, the firm's profit-maximizing level of output would be
A. 2. B. 3. C. 4. D. 5.