The key issue with competition is the role competition plays in eliminating ________ and making the ________ as large as possible
A) cooperative surplus; profits
B) producer surplus; consumer surplus
C) deadweight losses; cooperative surplus
D) shortages; total revenue
C
You might also like to view...
Suppose that the price elasticity of demand for a product is -1 and that the price elasticity of supply is +1 . Assume also that the income elasticity of demand is +2 . Then an increase in income of 10% will raise equilibrium price by:
a. 10%. b. 5%. c. 20%. d. an annual amount that cannot be determined.
The money supply function reflects a positive relationship between the interest rate and the quantity of money supplied
a. True b. False Indicate whether the statement is true or false
Yesterday, one could get £2 for $1. Today, however, one can only get £1.5 for $1. Which of the following best describes this scenario?
a) The pound depreciated against the dollar. b) The pound appreciated against the dollar. c) The dollar appreciated against the pound. d) The purchasing power parity increased between the two currencies.
Economics is concerned with the trade-offs that emerge because of scarcity. The term "trade-offs" refers to
What will be an ideal response?