Society faces a trade-off in all of the following situations except
A) when deciding who will receive the goods and services produced.
B) when deciding what goods and services will be produced.
C) when deciding how goods and services will be produced.
D) when some previously unemployed workers find jobs.
Answer: D
Economics
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A price floor that is set above the equilibrium price
A) causes suppliers to lower their prices. B) is binding. C) is non-binding. D) creates a shortage.
Economics
The monopolist's outcome in the long run differs from that of the perfectly competitive firm in that it:
A. charges a price where marginal costs equal average revenue. B. charges a price above average total costs. C. has zero profits in the long run. D. charges a price equal to MC.
Economics