In order to maximize profits, a firm should decrease output whenever total cost exceeds total revenue
a. True
b. False
B
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Deadweight costs in an exchange are costs
A) charged for free goods. B) imposed by government, such as taxes or safety requirements. C) that have no effect on either the quantity demanded or the quantity supplied. D) that have nothing to do with the sacrifice of valuable opportunities. E) to the buyer that are not simultaneously benefits to the seller.
The requirement that New York City taxi drivers own a "medallion" in order to operate a taxi in the city reduces competition and raises the fares that customers pay
a. True b. False
Industrial unions offer membership to all workers in a specific industry
Indicate whether the statement is true or false
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, domestic producers would increase:
A. prices by $11. B. production by 75 units. C. prices by $5. D. production by 35 units.