Which of the following markets impose deadweight losses on society? (i) perfect competition (ii) monopolistic competition (iii) monopoly
a. (i) and (ii) only
b. (ii) and (iii) only
c. (i) and (iii) only
d. (i) only
b
Economics
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According to Okun's law, if full-employment output is $5000 billion, then each percentage point of unemployment sustained for one year reduces output by
A) $50 billion. B) $100 billion. C) $150 billion. D) $200 billion.
Economics
Marginal revenue is_____________
a. The total revenue gained from production b. The cost of producing an additional unit of output c. The revenue from selling an additional unit of output d. none of the above
Economics