The more block prices a monopoly can set instead of setting a single price, the
A) smaller the deadweight loss.
B) the more producer surplus.
C) the larger the total welfare.
D) All of the above.
D
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If not recycled, an input used in production ultimately winds up as a waste product.
Answer the following statement true (T) or false (F)
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills is $300, given the scenario described, the total consumer surplus would be: A. $1,070. B. $170. C. $200. D. None of these is true.
If the Fed sells $5 million in government bonds, how much will the money supply change?
a. It will increase by $5 million. b. It will increase by more than $5 million. c. It will decrease by $5 million. d. It will decrease by more than $5 million.
______________ is the amount of production provided per unit of a factor of production.
Fill in the blank(s) with the appropriate word(s).