Which area in the above figure shows the producer surplus at the price and quantity that would be set by a single-price monopoly?
A) C + D
B) C + D + E
C) C + D + F + G
D) C + D + F + G + I
C
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As an economy increasingly specializes in producing one good, the opportunity cost of that good increases. The opportunity cost increases because
A) not all goods are equally valuable. B) as more of a good is produced, the profit from its production must rise. C) resources are not equally productive in all activities. D) what must be paid to resources increases. E) human wants are virtually unlimited.
To protect the competitive economic system by restricting the formation of monopolies, the government has passed and enforced
A) regulatory laws. B) antitrust laws. C) tort laws. D) zoning laws.
Authoritarian political regimes
What will be an ideal response?
Which of the following will not cause a shift in the demand for resource X?
A. A decline in the price of resource X. B. An increase in the price of the product resource X is producing. C. A decrease in the price of substitute resource Y. D. An increase in the productivity of resource X.