Which of the following is a flow variable?
a. Price level
b. U.S. population
c. Money supply
d. Investment spending
e. Household debt
d
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Refer to the market diagram. Relative to the surplus they would receive in a competitive market, consumers lose how much surplus because there is a monopoly?
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 F + G + H
b. Area C + D + E
c. Area E + H
d. Area A + B
The idea that every Pareto efficient allocation is the competitive equilibrium for some initial allocation of resources is known as:
A. the first welfare theorem. B. the second welfare theorem. C. the third welfare theorem. D. the exchange efficiency condition.
When combined, the annual underfunded amounts of Social Security and Medicare will be about ________ of payrolls between 2035 and 2085.
A. 14% B. 4.5% C. 1% D. 30%
Refer to Figure 26.4 for a monopolistically competitive firm. In the long run this firm will charge a price of ________ and produce an output of ________.
A. P1; Q2 B. P4; Q3 C. P2;Q1 D. P3; Q4