题目内容

Which of the following conditions does NOT describe a firm in a monopolistically competitive market? ( )

A. It makes a product different from its competitors.
B. It takes its price as given by market conditions.
C. It maximizes profit both in the short run and in the long run.
D. It has the freedom to enter or exit in the long run.

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An efficient allocation of resources maximizes ( )

A. consumer surplus.
B. producer surplus.
C. consumer surplus plus producer surplus.
D. consumer surplus minus producer surplus.

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A tax on a good has a deadweight loss if ( )

A. the reduction in consumer and producer surplus is greater than the tax revenue.
B. the tax revenue is greater than the reduction in consumer and producer surplus.
C. the reduction in consumer surplus is greater than the reduction in producer surplus.
D. the reduction in producer surplus is greater than the reduction in consumer surplus.

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If the production of a good yields a negative externality, then the social-cost curve lies _ the supply curve, and the socially optimal quantity is _ than the equilibrium quantity. ( )

A. above, greater
B. above, less
C. below, greater
D. below, less

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When a monopolistically competitive firm raises its price, quantity demanded falls to zero. ( )

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Which of the following conditions does NOT describe a firm in a monopolistically competitive market? ( )

A. It makes a product different from its competitors. B. It takes its price as given by market conditions. C. It maximizes profit both in the short run and in the long run. D. It has the freedom to enter or exit in the long run.

An efficient allocation of resources maximizes ( )

A tax on a good has a deadweight loss if ( )

If the production of a good yields a negative externality, then the social-cost curve lies ___________ the supply curve, and the socially optimal quantity is ___________ than the equilibrium quantity. ( )

When a monopolistically competitive firm raises its price, quantity demanded falls to zero. ( )

A. It makes a product different from its competitors.
B. It takes its price as given by market conditions.
C. It maximizes profit both in the short run and in the long run.
D. It has the freedom to enter or exit in the long run.

If the production of a good yields a negative externality, then the social-cost curve lies _ the supply curve, and the socially optimal quantity is _ than the equilibrium quantity. ( )