A. total surplus is maximized
B. the value placed on the last unit production by buyers exceeds the cost of production.
C. producer surplus is maximized
D. the cost of production on the last unit produced exceeds the value placed on it by buyers.
E. consumer surplus is maximized
Related Mcqs:
- If a benevolent social planner chooses to produce more than the equilibrium quantity of a good, then ?
A. the value placed on the last unit of production by buyers exceeds the cost of production
B. the cost of production on the last unit produced exceeds the value placed on it by buyers.
C. consumer surplus is maximized
D. total surplus is maximized
E. producer surplus is maximized - In general, if a benevolent social planner wanted to maximize the total benefits received by buyers and sellers in a market, the planner should?
A. choose a price below the market equilibrium price
B. allow the market to seek equilibrium on its own.
C. Choose any price the planner wants because the losses to the sellers (buyers) from any change in price are exactly offset by the gains to the buyers (sellers).
D. choose a price above the market equilibrium price - An export quota agreement to stabilize the price of bauxite tends to be more successful when the member producer countries as a percentage of the world’s producer countries is __________ and the _________ it is for the member producer countries to store/stock pile bauxite?
A. relatively small; more difficult
B. relatively small; easier
C. relatively large; more difficult
D. relatively large; easier - In Nash equilibrium each player chooses the best strategy ?
A. Assuming other players move first
B. dominated by the other players
C. given the strategies of other players
D. that is a credible threat - Annual GNP growth of 6% poverty reduced by 1% point of the population Balance of payments deficit not in excess of $200 million For a planner, the above are ?
A. achieved only through socialism
B. target variables
C. bound by soft budget
D. recurrent expenditures - In the economy when a steel producer sells steel to car producer it is regarded as ?
A. a final good
B. an intermediate good
C. an injection
D. a leakage - A student chooses to study because the marginal benefit is greater than the ______________ cost?
A. average
B. expected
C. total
D. marginal - When a marketing research organization chooses a segment of the population that represents the population as a whole, they have chosen a ?
A. group
B. bi-variant population
C. sample
D. market target - If a company (considering its options on the product/market expansion grid) chooses to move into different unrelated fields (from what it ha ever done before) with new products as a means to stimulate growth the company would be following which of the following general strategies ?
A. market penetrations
B. market development
C. product development
D. diversification - According to the Office of National Statistics UK, a husband who chooses to stay home and take care of household is ?
A. Employed
B. Not in the labour force
C. A discouraged worker
D. Unemployed
