Compared to a perfectly competitive industry, a single-price monopoly with the same costs will
A) create less consumer surplus.
B) create less economic profit.
C) create a deadweight loss.
D) Both answers A and C are correct.
D
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The amount of work a person will do as wage increases depends entirely on the size of the wealth effect. ?
Answer the following statement true (T) or false (F)
If the probability a firm is being embezzled is 5 percent and the estimated potential cost to the firm from embezzlement is $250,000, what is the expected cost of an audit failure?
A) $12,500 B) $25,000 C) -$15,000 D) $15,250
The age-earning cycle
A) is an earnings profile of an individual throughout his or her lifetime. B) shows the earnings differences by age and by gender. C) depicts differences in the relationship between age and earnings across countries. D) shows the average incomes of people broken down by age categories.
In international trade the concept of 'relative opportunity cost' refers to
A) absolute advantage. B) comparative advantage. C) technical costs. D) institutional advantage.