Deadweight loss is the net loss to society when a monopolist restricts output and increases the price
Indicate whether the statement is true or false
true
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Suppose that the government spends more on a missile defense program. What does this do to aggregate demand? How is your answer affected by the presence of the multiplier, crowding-out, taxes, and investment-accelerator effects?
Utility refers to how much consumers utilize a product or service.
a. true b. false
A firm earns a profit if
A. price equals marginal cost. B. total revenue exceeds the total cost of production. C. price is less than the total cost of production. D. total revenue equals total fixed costs.
A market in which many firms sell identical products is
A) a monopoly. B) an oligopoly. C) only perfectly competition. D) only monopolistic competition. E) both perfect competition and monopolistic competition.