In the figure above, if the firm is regulated using an average cost pricing rule, the deadweight loss created is equal to the area of

All of the following are reasons why China is unlikely to maintain high enough rates of productivity growth to catch-up with the standard of living in the United States except

A) because of the low birth rate in China, the labor force will soon decline. B) much of China's growth is likely due to the transition from a centrally-planned economy to a market economy. C) the Chinese migration of rural workers to more productive urban jobs. D) the United States invests more in research and development. than does China.

The above figure shows three different supply-and-demand graphs. Which graph best represents the market for workers at your nearest fast-food restaurant?

A) Graph A B) Graph B C) Graph C D) None of the above.