The accountant for Muzhi's Sushi claims that Muzhi has accomplished "technological efficiency." This means that Muzhi's Sushi
A) produces a given output using the least inputs.
B) produces a given output at the lowest cost.
C) has an economic profit greater than a normal profit.
D) has a normal profit greater than an economic profit.
A
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________ is the market structure in which there are many rival firms producing differentiated products
A) Perfect competition B) Monopolistic competition C) Monopoly D) Oligopoly
Graph typical total, average, and marginal cost curves and explain how their shapes are influenced by the law of diminishing returns. Graph TC on a separate graph, AC and MC on a second graph.
What will be an ideal response?
Which of the following conditions holds in an economically efficient competitive market equilibrium?
A) Producer and consumer surplus are exactly equal in size. B) There are no positive and no negative external effects from consumption and production. C) The deadweight loss is positive but at a minimum. D) The marginal benefit of the last unit produced and consumed is maximized.
Suppose a small country sets all of its tariffs at 40 percent which causes a reduction in imports by 20 percent. If the total imports affected by the tariffs are 40 percent of the gross domestic product (GDP), the net national loss from the tariffs as a percentage of GDP is
A. 3.2%. B. 6.4%. C. 1.6%. D. close to 90%.