If the perfect competitor is making a profit, its output will be ____ it's most efficient output.
A. more than
B. equal to
C. less than
A. more than
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Refer to the market diagram. Of the surplus that consumers lose because there is a monopoly (and not perfect competition), how much is lost to the monopoly itself?
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 C + D
b. Area E + H
c. Area A + B
d. Area C + D + E
Price coordination among firms will be more difficult when there are substantial differences among the cost structures of the competing firms and the technologies they employ
Indicate whether the statement is true or false
An appeal to consumers to purchase union-made products represents an attempt to
a. increase the supply of union labor b. increase the demand for union labor c. decrease the supply of union labor d. decrease the quantity demanded of union labor e. decrease the demand for union labor
In 2010, Social Security pay-ins exceeded payouts in the U.S., for the first time in history
Indicate whether the statement is true or false