In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 11, what is the amount of the resulting deadweight loss?

A ceiling imposed by a country on the quantity of a good or service it will import is called a

A. quota. B. tariff. C. non-tariff barrier. D. trade embargo.

Refer to the information provided in Table 8.3 below to answer the question(s) that follow.  Table 8.3Refer to Table 8.3. From the information in the given table,

A. the firm is in the long run. B. the difference between total cost and total variable cost decreases as output increases. C. the firm eventually experiences diminishing returns to its variable input. D. the marginal cost curve intersects the average total cost curve between 3 and 4 units of output.