When there is market failure so that a market produces less than the efficient amount,
A) consumer surplus definitely is larger than when the efficient quantity is produced.
B) the sum of producer surplus and consumer surplus is larger than when the efficient quantity is produced.
C) there is a deadweight loss.
D) consumers definitely lose and producers definitely gain.
E) consumers definitely gain and producers definitely lose.
C
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In the figure above, if no one owns the lake, the market does what?
A) overproduces 120 tons of pesticide B) underproduces 120 tons of pesticide C) overproduces 60 tons of pesticide D) produces the efficient quantity of pesticide
Assume the market basket for the consumer price index has two productsbread and milkwith the following values in 2011 and 2016 for price and quantity: The Consumer Price Index for 2016 equals
A. 118.
B. 116.
C. 86.
D. 85