Assume that a consumer purchases products A, B, and C in quantities such that the last dollar spent on each yields the same marginal utility and the consumer's income is totally spent. We can conclude that:

In the above figure, if the natural monopoly is regulated with an average cost pricing rule and the firm does not inflate its costs, the deadweight loss to society is

A) zero. B) efc. C) ebc. D) gac.

The growth of GDP may understate changes in the economy's economic well-being over time if the:

A. distribution of income becomes increasingly unequal. B. quality of products and services improves. C. environment deteriorates because of pollution. D. amount of leisure decreases.