Assume a hypothetical case where an industry begins as perfect competition and then becomes a monopoly. As a result of this change
A) price will be higher, output will be lower, and the deadweight loss will be eliminated.
B) consumer surplus will be smaller, producer surplus will be greater, and there will be a reduction in economic efficiency.
C) price will be higher, consumer surplus will be greater, and output will be greater.
D) consumer surplus will be smaller and producer surplus will be greater. There will be a net increase in economic surplus.
Answer: B
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Refer to Figure 1-1. Using the information in the figure above, calculate the percentage change in sales of alcoholic beverages between 2012 and 2016
A) 30% B) 50% C) 66.7% D) 100%
An increase in which of the following leads to a decline in the monetary base?
A) float B) discount loans C) foreign deposits at the Fed D) SDRs
The implementation of the assembly line is an example of how
A) changes in the organization of production improve productivity. B) neutral technical change improves productivity. C) non-neutral technical change can decrease productivity. D) labor saving technical change increases economy-wide unemployment.
Suppose that if there are n users of a network, the value of the membership is proportional to n(n ? 1). If the value of a network to a single user is $1 for each other user on the network, then a network of size 100 has a value of:
a. $9,500. b. $9,900. c. $9,000. d. $10,000. e. $10,100.