The economy's marginal social benefit curve for a public good is calculated by adding the
A) marginal cost of all the suppliers at each quantity.
B) quantities supplied by all the suppliers at each price.
C) quantities demanded by all the individuals at each price.
D) marginal benefits of all the individuals at each quantity.
D
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Compared to a competitive industry, a monopoly transfers
A) deadweight loss away from producers to consumers. B) deadweight loss away from consumers to producers. C) producer surplus to consumers. D) consumer surplus to producers.
What is the economies of scope character for a firm that has a straight-line product transformation curve?
A) Economies of scope (SC > 0) B) Diseconomies of scope (SC < 0) C) SC = 0 D) SC = 1
Which of the following statements concerning income and substitution effects is not true?
a. Income and substitution effects cause the demand curve to slope downward. b. When the price of a good falls, real purchasing power increases and consumers can purchase more of all goods. c. The substitution effect describes the situation in which more of the good whose price has fallen is purchased, and less of all other goods is purchased. d. A price decrease of one good cannot cause the income effect. e. Income and substitution effects are related to diminishing marginal utility and consumer equilibrium.
The best hope for continued growth of the U.S. economy probably lies in:
a. a return of manufacturing to the U.S. b. innovation c. patents d. decreasing poverty