Which is the most accurate statement?
A. Poverty can easily be wiped out by giving every adult on welfare a minimum wage job.
B. The basic cause of poverty is that nearly all of the poor are lazy.
C. Within a decade, poverty will no longer be a national problem.
D. There is a hard core of millions of poor people who will need public assistance for many years to come.
D. There is a hard core of millions of poor people who will need public assistance for many years to come.
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Use the figure below to answer the following question.
If the output level increases from Q2 to Q3, then the marginal cost of the product
A. increases while its marginal benefit decreases and the market no longer achieves allocative efficiency. B. stays constant while its marginal benefit increases and the market no longer achieves allocative efficiency. C. increases while its marginal benefit decreases and the market achieves allocative efficiency. D. becomes closer to its marginal benefit and the market achieves allocative efficiency.
One reason that it might be difficult for a player to determine his best strategy is that
A) he might have limited ability to calculate the possible outcomes. B) he is irrational. C) there is no pure strategy. D) there are multiple Nash equilibria.
What occurs when it is impossible to improve the situation of one party without imposing a cost on another?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss
If marginal revenue exceeds marginal cost, a price-taker firm should
a. expand output. b. reduce output. c. lower its price. d. do both a and c.