In the above figure, the deadweight loss is zero if output is
A) 0 units.
B) 10 units.
C) 20 units.
D) 30 units.
C
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A positive externality clearly occurs when
A) a person behaves in the public interest. B) a person's action unintentionally benefits other people. C) a person behaves only with courtesy and social grace. D) a person couldn't care less about anybody else.
A monopoly is a firm that is the only seller of a good or service that does not have
A) a close complement. B) a close substitute. C) a patent. D) a barrier to entry.
If the real, risk-free interest rate in the Euro-Area rises the:
a. Supply curve of real loanable funds in the Euro-area rises. b. Supply curve of real loanable funds in the Euro-area falls. c. Demand curve for real loanable funds in the Euro-area rises. d. None of the above.
Studies of human decision making reveal several systematic mistakes people make. Which of the following is not an example of one of these mistakes?
a. Tom tells everyone he's sure he can run a 5K in twenty-five minutes, but then tries a couple of times and takes over thirty minutes. b. Kate hears a news report about five people dying from a tornado in Kansas and decides to cancel her plans to visit her aunt there. c. Randi is a strong proponent of raising the minimum wage. She reads a research report on the effects of increasing the minimum wage and begins to doubt her previous thinking. d. Jenny is shopping for a new car and has found that Hondota cars consistently get high quality ratings. Her friend had trouble with her Hondota, so Jenny decides not to purchase a Hondota.