If a city decides to lift restrictions of how many taxi cabs can operate, social welfare will increase
What will be an ideal response?
True. Even though turning producer surplus into consumer surplus doesn't increase total welfare, the elimination of the deadweight loss that resulted from the limit does.
Economics
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A monopoly arises when there:
a. is a firm desiring to compete in many markets. b. is a firm wanting to maximize profits. c. are barriers to the entry of other firms in the industry. d. is government intervention to establish and enforce a price ceiling.
Economics
Which of the following will shift the consumption function upward?
a. An increase in consumer wealth. b. An increase in the interest rate. c. An increase in personal income taxes. d. A decrease in the MPC. e. An increase in disposable income.
Economics