If the quantity of corn is such that the marginal cost of corn is greater than the marginal benefit of corn, then I. there is a deadweight loss. II. more than the efficient quantity of corn is produced
A) Only I is correct.
B) Only II is correct.
C) Both I and II are correct.
D) Neither I nor II is correct.
C
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Which of the following statements identifies a difference between correlation and causation?
A) Correlation occurs when one thing directly affects another, whereas causation implies a mutual relationship between two things. B) Causation cannot arise when correlation is present, and correlation cannot arise when causation is present. C) Correlation implies a mutual relationship between two things, whereas causation occurs when one thing directly affects another. D) A causal relationship exists between two variables when they are correlated, but correlation does not necessarily exist if there's a causal relationship between two variables.
How much the quantity of a good traded changes after a shift of the supply curve depends on
a. the size of the shift. b. the slope of the demand curve. c. whether the market is subject to price controls. d. All of the above are correct.