Deadweight loss can be the result of
A) overproduction, but not underproduction.
B) underproduction, but not overproduction.
C) both overproduction and underproduction.
D) neither overproduction, nor underproduction.
C
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An economy in which a central authority makes most of the economic decisions is known as a
a. market economy. b. laissez-faire economy. c. command economy. d. traditional economy.
Who among the following individuals will not be a part of the U.S. labor force?
a. An unemployed computer worker who has given up looking for a job b. A college graduate seeking job after graduation c. An unemployed person who is not working because of a labor dispute d. A person who can work only part-time e. A person who recently moved to a new city and has not yet found a job
Suppose the market for "soda X" is in equilibrium. If the FDA announced today that this soda has been proven to cause a fatal disease, what would be most likely to happen to the equilibrium price and equilibrium quantity of soda X?
a. price increases and quantity increases b. price decreases and quantity increases c. price increases and quantity increases d. price decreases and quantity decreases e. no change in price and quantity
Which of the following is closest to a perfectly competitive market?
A) the computer software market B) the market for handmade guitars C) the market for broccoli D) the market for athletic shoes