Conspicuous consumption as an ability signal
A. completely different from a prisoner's dilemma.
B. characterized by lower levels of consumption.
C. is more effective if the positional goods nature of consumption causes everyone to consume elaborately.
D. will likely continue even if it is wasteful for all involved.
Answer: D
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The deadweight or social loss of monopoly:
a. is representative of production inefficiency. b. reflects a transfer from consumer surplus to monopoly profit. c. is representative of the low sales resulting from the high price charged by the monopolist. d. reflects that part of lost consumer surplus which is not transferred to monopoly profit.
The value of final goods and services equals:
A. total business profits. B. the sum of revenues from all sales. C. total business spending. D. the sum of the value added by all firms.