For the single-price monopoly shown in the figure above, the deadweight loss is
A) zero.
B) between $0 and $10.
C) between $10.01 and $20.
D) more than $20.01.
C
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Why do countries who are members of a currency union have difficulty in recovering from a recession?
What will be an ideal response?
________ is the benefit that a consumer of a good or service receives
A) Marginal private benefit B) Marginal external benefit C) Marginal social benefit D) Both answers A and B are correct.
Refer to Figure 17-4. Which of the following is true if the wage rate increases from W0 to W1?
A) The supply curve is unit elastic. B) The income effect and the substitution effect are equal. C) The income effect is larger than the substitution effect. D) The substitution effect is larger than the income effect.
The simplest calculation of the growth rate of multifactor productivity starts with the growth rate of real GDP and then
A) subtracts the growth rate of labor. B) subtracts the growth rate of capital. C) subtracts the growth rate of labor and some fraction of the growth rate of the capital-labor ratio. D) adds the growth rate of labor and then subtracts the depreciation and population growth rates.