An increase in fixed cost will, in the long run, alter the industry output of
a. both a monopolist and a competitive industry.
b. only a monopolist.
c. only a competitive industry.
d. neither a monopolist nor a competitive industry.
c
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When there is market failure so that a market produces less than the efficient amount,
A) consumer surplus definitely is larger than when the efficient quantity is produced. B) the sum of producer surplus and consumer surplus is larger than when the efficient quantity is produced. C) there is a deadweight loss. D) consumers definitely lose and producers definitely gain. E) consumers definitely gain and producers definitely lose.
Explain the difference between a normal good and an inferior good
What will be an ideal response?
A negative externality exists when
A. marginal social costs are less than marginal private costs. B. marginal social costs are greater than marginal private costs. C. marginal social benefits are less than marginal private benefits. D. marginal social benefits are greater than marginal private benefits. E. b and c
In the above table, the balance on the capital account for Country X is ________ billion dollars
A) -80 B) +35 C) +80 D) -35