Figure 3-21
Refer to . At the quantity Q3,
a.
the market is in equilibrium.
b.
consumer surplus is maximized.
c.
the sum of consumer surplus and producer surplus is maximized.
d.
the value to buyers is less than the cost to sellers.
d
Economics
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For a firm in a perfectly competitive product market, the marginal resource cost curve is horizontal if the resource market is also competitive
a. True b. False
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Which of the following is not a problem with trade restrictions?
a. the high cost of rent-seeking activities such as lobbying b. the high cost of enforcement c. the unintended effects on related industries d. the inability to save U.S. jobs in the short run in industries that compete with imports e. the possibility of retaliation
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