Which of the following is the best example of a firm that competes in a monopolistically competitive market?
A) Microsoft B) the U.S. Postal Service
C) an automobile manufacturer D) a movie theater
D
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In the above figure, if output were restricted to 300 million pounds of turkey, then
A) the marginal social benefit would exceed the marginal social cost on the last pound of turkey traded by $0.80. B) there would be a deadweight loss of $40 million. C) there would be inefficient underproduction of turkey. D) All of the above answers are correct.
With respect to events like global warming some economists suggest using falling discount rates because
A) exponential discounting virtually gives no weight to (large) costs incurred far into the future. B) exponential discounting weights (large) costs incurred far into the future heavily. C) events far in the future do not affect us. D) we should not care about costs far in the future.