A pure monopoly can sell 20 toys per day for $8 each. To sell 21 toys per day, the price must be cut to $7. The marginal revenue of the 21st toy is

Which of the following economists first coined the concept of creative destruction?

A) Adam Smith B) Malthus C) Joseph Schumpeter D) Paul Krugman

The size of the deadweight loss, or excess burden, of a tax depends on the

A) amount of producer surplus but not the amount of consumer surplus because it is the producers who send the tax revenues to the government. B) strength of demand. C) strength of supply. D) elasticities of demand and supply. E) number of demanders and the number of suppliers.