A demand curves describes
a. the amount of units a consumer will purchase at a given price
b. the amount of units a producer will sell at a given price
c. both the amount of units that a consumer will buy and a producer will produce at a given price
d. the amount of units supplied given a change in prices
a
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A ban on imports, a tariff, or a quota raise the price to domestic consumers creates a deadweight loss. This loss is composed of
A) production associated loss and inefficiency loss. B) productive consumption loss and protection loss. C) consumption distortion loss and production distortion loss. D) consumer misperception loss and taxation loss.
Why does the government allow some markets to be monopolized by granting patents?
a. to promote a more equal distribution of income b. to correct for negative externalities c. to promote technological progress d. to ensure lower prices for consumers in the short run