Railroads had advantages over canals in all respects except
(a) year-around service.
(b) speed of delivery.
(c) full access to shipping points.
(d) there is no "except"; all of the above were advantages of railroads.
(d)
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Use the following supply and demand graph to answer the question below.
S1 and D1 represent the current market supply and demand, respectively. S2 and D2 represent the socially optimal supply and demand. The positions of the graphs indicate that there is (are) external
A. benefits from production and external costs from consumption of the product. B. costs from production and external benefits from consumption of the product. C. costs from production and consumption of the product. D. benefits from production and consumption of the product.
If the market price of a good does NOT include all of the costs and benefits that arise from the production or consumption of the good, then
A) the market is perfectly competitive. B) an externality is present. C) society is consuming and producing the optimal amount of the good. D) resources are properly allocated.
China exports more services than India
Indicate whether the statement is true or false
Refer to Market Diagram. Suppose this firm initially acted competitively. If the firm switched to the monopoly equilibrium, how much deadweight loss would be created?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area E + H.
b. Area G + H.
c. Area B + D + E + G + H.
d. Area D + E + G + H.