Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. In a normal year the price of wapanzo beans will be
A) $1 per pound.
B) $2 per pound.
C) $3 per pound.
D) $4 per pound.
C
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One feature of the volunteer's dilemma is that as the group gets larger, individuals in the group are less likely to volunteer
Indicate whether the statement is true or false
The short run is a time frame in which
A) the quantities of some factors of production are fixed and the quantities of other factors of production can be varied. B) the quantities of all factors of production can be varied. C) the quantities of all factors of production are fixed. D) all costs are sunk costs.
Over the last three decades in the United States, services have become a smaller fraction of GDP relative to goods
Indicate whether the statement is true or false
Deadweight loss refers to
A) losses in consumer surplus associated with excess government regulations. B) situations where market prices fail to capture all of the costs and benefits of a policy. C) net losses in total surplus. D) losses due to the policies of labor unions.