The portion of consumer surplus that no one in society is able to obtain in a situation of monopoly is known as
A. an opportunity cost.
B. a deadweight loss.
C. a market failure.
D. a market externality.
Answer: B
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Someone who knows nothing about the relative quality of a $2 toothbrush and a $7 toothbrush, both available for sale, but chooses to buy the more expensive one, is probably
A) displaying an inelastic demand for toothbrushes. B) judging quality by price. C) violating the law of demand. D) wealthy enough not to care about prices.
A simultaneous increase in both unemployment and inflation is most likely to be the result of a(n):
a. increase in long-run aggregate supply. b. increase in short-run aggregate supply. c. decrease in the aggregate demand. d. simultaneous outward shift of the aggregate demand and supply curves. e. decrease in the short-run aggregate supply.
Which of the following prices is least likely to be included in the Consumer Price Index?
a. The price of used bicycles b. The price of a haircut c. The price of imported South American grapes d. The price of a steamroller e. The price of a loaf of bread
Diminishing marginal product exists when the production function becomes flatter as inputs increase
a. True b. False Indicate whether the statement is true or false