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1. Which of the following is true for a market with no externalities under perfect competition?
Market equilibrium gives the highest possible total surplus.
Market equilibrium gives the highest possible unit price.
Market equilibrium gives the highest possible total revenue.
Market equilibrium gives the highest possible producer surplus.
Market equilibrium gives the highest possible consumer surplus.
2. A market has a demand curve described by P=60-3Q and a supply curve described by P=20+2Q. Calculate Consumer Surplus.
3. A market has a demand curve described by P=30-Q, a supply curve described by P=16+Q, and a price ceiling of 20. Calculate the Total Surplus of the market with the price ceiling.
How many times would this fully insured person visit the physician?
What are the efficient quantities for each of the two periods? What are the correspondingprices and MUCs?
question 1 the economic implications of externalities 5 marks to parts a and ba briefly explain what an externality is
5 examples of individual and market demands? 5 examples of firm and industry product demands? 5 examples of autonomous and derived demands? 5 examples of durable and nondurable demands? 5 examples of shortterm and longterm demands?
one of the trends marking the continuing transformation of the u.s. health care industry is the dramatic increase in
1. if a firm best computer buys requires its customers to buy software from it whenever the customers purchase a
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given the current pressures on china jamaica and america expressed in the article how would ethics play a role in
Suppose that the demand and supply curves for good A are given as (note the instructions above about rounding your answers) The equilibrium price in this market is
you have the following information about good x and yincome elasticity of demand for good x is -3cross - price
when making decisions about marketing production and cost sources factors such as pricing nonprice barriers to entry
The owner of a tropical forest harvests timber so as to maximize his own profit from the land. This forested land also provides habitat for wild beehives that pollinate the crops of surrounding farmers.
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