The iconic American drink-maker, Coca-Cola, announced plans in 2008 to buy the dominant Chinese fruit juice company for $2.5 billion. But China just rolled out a new law to guard against business monopolies
How would this rent-seeking behavior by Coca-Cola most likely affect efficiency in the drink market? A) Profit would increase.
B) Producer surplus would increase.
C) Consumer surplus would decrease.
D) Deadweight loss would increase.
D
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Studying the determination of prices in individual markets is primarily a concern of
A) positive economics. B) negative economics. C) macroeconomics. D) microeconomics.
The marginal product is the incremental change in total output that can be obtained from the use of one more unit of an input in the production process, while varying all other inputs
a. True b. False Indicate whether the statement is true or false
Unemployment insurance programs provide benefits to permanently unemployed people
a. True b. False Indicate whether the statement is true or false
"The minimum wage should be increased so that low-income workers can afford to feed their families." This is an example of: a. a positive economic statement
b. a negative economic statement. c. the fallacy of composition. d. a normative economic statement.