The combinations of inputs that produce a given level of output are depicted by:
A. isoquants.
B. isocost curves.
C. budget lines.
D. indifference curves.
Answer: A
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A surplus exists
A) in equilibrium. B) when quantity supplied is greater than quantity demanded. C) when quantity supplied is less that quantity demanded. D) at the market clearing price.
____________is the problem of preventing you from acting opportunistically after buying insurance
a. Moral hazard b. Adverse selection c. Decision making d. None of the above
An unintended consequence of price ceilings is:
A. the loss of surplus always outweighs the benefits of the policy. B. non-price rationing must occur, and can lead to bribes. C. the transfer of surplus from producer to consumer rarely is recognized. D. the producers increase the quality of the goods sold.
Refer to the above figure. A price ceiling has been set at P1, and a black market has opened. The equilibrium black market price will be
A. below P1. B. between P1 and P3. C. P2. D. above P3.