Slope is calculated as a change in the variable on the horizontal axis divided by a change in the variable on the vertical axis
Indicate whether the statement is true or false
FALSE
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What is deadweight loss?
a. It is the amount of surplus that consumers lose due to monopoly. b. It is the amount of surplus that producers lose due to perfect competition. c. It is the amount of surplus which is completely lost to society due to monopoly. d. It is the amount of surplus which was earned by consumers under perfect competition and is transferred to producers due to monopoly.
An outward shift of the production possibilities curve represents
A. economic recession. B. economic contraction. C. economic growth. D. economic inflation.
Disposable personal income is equal to
A. Gross Domestic Product (GDP) minus depreciation. B. personal income plus transfer payments. C. national income minus personal income taxes. D. personal income minus personal income tax payments.
Using the utility-optimizing model, which of the following would induce a consumer to increase consumption of good A, a normal good?
A. an increase in the marginal utility of A B. a decrease in the total utility of B C. a decrease in income D. an increase in the marginal utility of good B