Public utilities
A. are primarily regulated natural monopolies.
B. are competitive firms.
C. experience only insignificant economies of scale in production.
D. are seldom regulated.
A. are primarily regulated natural monopolies.
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When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
The figure above shows the market for milk. If a drought lowers the productivity of dairy cows so that they give less milk, then the efficient quantity of milk ________ and the consumer surplus ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Assuming that C + Ir + G < C + I + G, then
a. there is an unintended inventory accumulation. b. there is an unintended inventory shortfall. c. aggregate demand is less than output. d. Both b and c
Maximizing total revenue is the same as maximizing profit
a. True b. False