A budget deficit is the
A. annual excess of government spending over revenue raised by taxes, fees, and charges.
B. shortfall of Social Security collections toward payment of benefits.
C. amount by which tax revenues and borrowed funds fall short of government expenditures.
D. excess of tax revenues over expenditures.
A. annual excess of government spending over revenue raised by taxes, fees, and charges.
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A monopoly creates a deadweight loss because the monopoly produces less than the efficient quantity
Indicate whether the statement is true or false
A firm is currently producing at the point where MC = MR. The situation for the firm at this point is P = $5, Q = 100, ATC = $6, AVC = $4.50. What do you recommend this firm do?
A) Increase production above the current output rate, because MC = MR at this rate of output. B) Continue to produce the current output rate, because P > AVC. C) Shut down, because AVC > P. D) Shut down, because ATC > P.