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1. If the price of a good is set higher than the equilibrium price:
A. consumer surplus is decreased and deadweight loss is increased.
B. consumer surplus is increased and deadweight loss is decreased.
C. producer surplus is decreased and deadweight loss is increased.
D. producer surplus is decreased and deadweight loss is decreased.
2. Suppose that quantity supplied of a product equals 5 and quantity demanded equals 8. In this market, there is a:
A. shortage of this product and the price should fall.B. shortage of this product and the price should rise.C. surplus of this product and the price should fall.D. surplus of this product and the price should rise.
3. An external cost (or negative externality) occurs when:A. some of the benefits derived from the production or consumption of some good or service are enjoyed by a third party.B. the production or consumption of some good or service inflicts costs on a third party without compensation.C. private costs exceed social costs.D. private costs exceed private benefits.
Describe three ways we can use macroeconomic analysis, with one (1) original example for each way.
the table shows the demand schedule for two consumers of lemonade, Eli and Molly. Assume that these are the only two consumers in the market. Use the multi-point line tool to plot the market demand curve for lemonade.
Suppose as well, that all voters favoring liberal candidates will vote, while only 50% of those favoring conservative candidates will vote. Create a graph to show how the political equilibrium will differ from an election in which all citizens vot..
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
suppose that we are comparing two countries venezuela and the netherlands where the actual gdp per capita in 2012 were
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
Explain what should the firm replace its old knitting machine, and if so, which new machine should it use.
A rise in corporate income taxes increases the investment in physical capital for any given interest rate.
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms
Determine the price elasticity of demand for a resource. Why is it important and what is it used for.
What is the amount of the son's freshman year expense in terms of actual dollars? (b) What is the equivalent single sum amount at the present time for these college expenses?(c) What is the equal amount, in actual dollars, the father must save each y..
The demand function for VCRs has been estimated to be Qv = 123 - 1.7Pt + 46 Pm - 2.1Pv -5M, where Qv is the quantity of VCRs,Pt is the price of a videocassette, pmis the price of a movie, Pv is the price of a VCR, and M is income.
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