Which of the following CORRECTLY defines utilitarianism?
A) Cost will increase if production increases.
B) The difference between what a consumer is willing to pay and what actually has to be paid.
C) Society should strive to achieve the greatest good for the greatest number.
D) Equality will not result in efficient outcomes.
C
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Suppose you observe that the price of a good increases and that the quantity of this good sold also increases. If only the demand curve or the supply curve shifts this suggests that
A) supply increased over time while demand remained the same. B) supply decreased over time while demand remained the same. C) demand increased over time while supply remained the same. D) demand decreased over time while supply remained the same.
If a government simplified its tax system the likeliest result would be a decrease in
a. consumer surplus. b. producer surplus. c. in deadweight loss. d. tax revenues.