The desire of a consumer to purchase one more unit of a product is known as ______.
a. marginal production cost
b. marginal willingness to pay
c. deadweight loss
d. producer surplus
b. marginal willingness to pay
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In the figure above, the second poorest 20 percent of households receive ________ of total income
A) 5 percent B) 10 percent C) 15 percent D) 20 percent
The amount of foreign aid provided by the United States ________
A) constitutes a major proportion of federal government outlays B) is the highest in percentage terms for any developed market economy C) averages about 2.7 percent of U.S. income per year D) is a very small percentage of gross national income
Suppose that a perfect-maximizing monopolist operates with a horizontal marginal cost curve and no fixed costs. Which of the following would NOT be represented as part of the area between its demand curve and marginal cost curve?
A) total costs B) economic profits C) consumer surplus D) deadweight loss
Which of the following statements about a well-maintained yard best conveys the general nature of the externality?
a. A well-maintained yard conveys a positive externality because it increases the home's market value. b. A well-maintained yard conveys a negative externality because it increases the property tax liability of the owner. c. A well-maintained yard conveys a positive externality because it increases the value of adjacent properties in the neighborhood. d. A well-maintained yard cannot provide any type of externality.