In the above figure, if a Medicare subsidy that had previously been paid by the government has now been eliminated, the result will be
A) an increase in the price received by producers, from P0 to Ps.
B) a decrease in the price received by producers, from Ps to P0.
C) an increase in the price paid by consumers, from P0 to Ps.
D) a decrease in the price paid by consumers, from Ps to P0.
B
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________ a large number of firms competing by making similar but slightly different products
A) Monopoly requires B) Perfect competition requires C) Monopolistic competition requires D) Oligopoly requires E) Both perfect competition and monopolistic competition require
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. What is the efficient quantity of coffee to produce each day?
A) one hundred pounds B) two hundred pounds C) three hundred pounds D) four hundred pounds
Joe Santos owns the only pizza parlor in a small town that is also home to a McDonald's, a Taco Bell, and a Kentucky Fried Chicken. Using a broad definition of a monopoly, Joe has a monopoly
Indicate whether the statement is true or false
When potential GDP increases, short-run aggregate supply also increases, but long-run aggregate supply does not change
Indicate whether the statement is true or false