________ refers to the reduction in economic surplus resulting from not being in competitive equilibrium
A) Marginal cost
B) Producer atrophy
C) Deadweight loss
D) Economic shortage
Answer: C
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The president of the United States promises that the nation's economy will simultaneously produce more defense goods without any decreases in the production of other goods. Under which of the following conditions could such a promise be valid?
A) if the United States were producing at a point on its production possibilities curve B) if the United States were producing inside its production possibilities curve C) if the United States were producing to the right of its production possibilities curve D) None of the above; the production possibilities curve must shift to the right.
In the American Tobacco and Standard Oil cases, the Supreme Court
A. prohibited monopoly per se. B. prohibited certain illegal tactics. C. applied the rule of reason. D. had the government take over the oil and tobacco industries.
Refer to the data. The price elasticity of demand is relatively inelastic:
Answer the question on the basis of the following demand schedule:
A. in the $6-$4 price range.
B. over the entire $6-$1 price range.
C. in the $3-$1 price range.
D. in the $6-$5 price range only.
The following image shows the demand curve for neckties. At point a, consumer surplus is _____.
a. ?$5 b. $8? c. ?$20 d. ?$26 e. ?$0