Economists object to monopoly because
A. monopoly profits go to the rich.
B. monopolies overproduce to maximize profits.
C. monopolies are usually polluters.
D. monopolists keep output below efficient levels.
Answer: D
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The above figure shows the payoff to two airlines, A and B, of serving a particular route
If the two airlines must decide simultaneously, and the government imposes a $20 per firm tax on firms that service this route, which of the following maximizes the firms' joint profits? A) Neither firm services the route. B) Firm A offers firm B $20 to not enter. C) Both firms will service this route. D) Firm B offers firm A $30 to not enter.
U.S. unemployment caused by NAFTA over the years from 1994 to 2002:
a. totaled 13% of manufacturing job loss in the United States during that period. b. was not permanent as most workers were re-employed within three years. c. was offset completely by increased product variety imports and lowered prices. d. totaled 13% of manufacturing job loss in the United States during that period was not permanent, as most workers were re employed within three years, and was offset completely by increased product variety imports and lowered prices.
Using supply and demand curve analysis, the triangular area below the equilibrium price and above the supply curve is:
A. ?consumer surplus. B. ?producer surplus. C. ? marginal cost. D. ?deadweight loss. ?
If the rent controlled rent is above the equilibrium, the result will be
A. a surplus of rental apartments. B. that landlords will charge more than the equilibrium rent. C. nothing different than if there were no rent control. D. a shortage of rental apartments.