The figure above shows the market for brooms. Which of the following could lead to the production of fewer than 600 brooms?
A) a monopoly
B) a deadweight loss
C) subsidies
D) an external cost
E) a big tradeoff
A
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The figure above shows the supply and demand curves for pizza. If the market is at its competitive equilibrium, what area in the graph above represents:
a. consumer surplus? b. producer surplus?
A price-discriminating firm charges the highest price to
A) the group with the least elastic demand. B) the group with demand that is unit elastic. C) the group with the largest demand. D) the group with the most elastic demand.
In the absence of right-to-work laws, workers
a. that went on strike could be permanently replaced. b. might be required to join the union if they worked for a unionized firm. c. would not be able to unionize. d. would not be able to strike.
The generalized least square (GLS) is an efficient procedure that weights each squared residual by the:?
A. ?conditional variance of ui given xi. B. ?expected value of ui given xi. C. ?inverse of the conditional variance of ui given xi. D. ?square root of the inverse of the conditional variance of ui given xi.