The welfare loss created by monopolistically competitive markets:
A. is a hotly debated topic among economists.
B. is usually not a huge concern to governments.
C. is a huge concern to governments.
D. has a widely accepted form of measurement.
B. is usually not a huge concern to governments.
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Measuring total production by valuing items at their market value allows us to
A) separate the value of different goods with identical prices. B) separate the value of different goods with different prices. C) add together the value of different goods that have different prices. D) add together the value of identical goods that have identical prices. E) ignore the problem that goods and services differ in how long they last.
Which of the following is an example of a variable cost to a typical firm?
a. labor b. mortgage payment on facility c. salary of the office assistant d. monthly mortgage premiums