In a competitive market when there is no deadweight loss
A) consumer surplus is minimized.
B) producer surplus is minimized.
C) consumer surplus plus producer surplus is minimized.
D) consumer surplus plus producer surplus is maximized.
Answer: D
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The bias in the CPI typically
A) overstates inflation. B) understates inflation. C) about half the time overstates and about half the time understates the inflation rate. D) cannot be measured or estimated.
The Celler-Kefauver Act of 1950 plugged a technical loophole in the Clayton Act which permitted many large horizontal mergers
a. True b. False Indicate whether the statement is true or false
Protectionism may reduce imports, and it will also
A. appreciate the dollar, reducing exports. B. appreciate the dollar, increasing exports. C. depreciate the dollar, increasing exports. D. depreciate the dollar, reducing exports.
Age is a determinant of income because
A. age contributes to costs as medical expenses increase. B. with age typically come experience, education, and training that can increase income. C. older workers have accumulated more wealth. D. older workers have accumulated less wealth.