If all Pareto improvements have been made
A) the result is increased government regulations.
B) the outcome is Pareto efficient.
C) consumer surplus is maximized.
D) monopolists are unhappy.
B
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Suppose that Far North Canadian Lumber, Ltd., sells lumber in Canada at a price of $1,000 per 1,000 board feet and exports the same lumber to the United States at a price of $600 per 1,000 board feet. U.S. Lumber, Inc., produces and sells lumber for $700 per 1,000 board feet in the United States. Is Far North Canadian Lumber dumping lumber in the United States?
a. Yes; its price in Canada is greater than its price in the United States. b. Yes; its price in Canada is greater than U.S. Lumber's price. c. No; its price in the United States is less than U.S. Lumber's price. d. No; it is maximizing its profits when it price discriminates between the United States and Canada.
Which of the following is an example of a geographic monopoly?
a. a store in Childersburg that sells only shoelaces b. the only gas station in a radius of one mile c. a store in Sycamore that sells only scrap metal d. the only restaurant in a radius of 200 miles