Relative to a perfectly competitive market, a monopoly results in:
a gain in producer surplus that is equal to the loss in consumer
a gain in producer surplus that is equal to the gain in consumer
a gain in producer surplus that is less
What would explain the price of petrol being much higher in 2012 than it was in 2011, yet roughly the
same amount of petrol was bought in both years?
The demand for petrol does not follow the law of
The supply of petrol stayed constant in 2011 and
Which of the following is not a potential source of economies of scale?
Negotiating cheaper inputs with
Accessing lower interest rates on
Reduced input requirements.
At the minimum efficient scale:
the short-run av
Which of the following is a positive economic statement?
The number of migrants should not be limited by the
People should not buy imported fruit and vegetables.
Minimum wage laws cause unemployment.
The government should subsidise solar power
If at a price of $50, 20 units are sold, while at a price of $40, 25 units are sold, then the price elasticity
of demand for this good is:
Since 1960 there has been a substantial increase in wheat pro