Private goods are goods
A) that carry a price.
B) for which price is greater than zero.
C) for which the more one person has the less is available for someone else.
D) that are produced by the government.
Answer: C
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When a perfectly competitive industry is taken over by a monopoly, some consumer surplus is transferred to the monopolist in the form of
A) marginal cost. B) economic profit. C) deadweight loss. D) taxes. E) average variable cost.
If households were to switch production away from an equal division of chores
(e.g., doing dishes, mowing the lawn, etc.) to a system based on specialization and trade, the efficiency of household production would probably ________ and leisure time would probably ________. A) decrease; decrease B) decrease; increase C) increase; increase D) increase; decrease