f1q6g1.jpg In the above figure, the total producer surplus at the efficient level of output is ________.

With a subsidy paid to sellers, the supply curve shifts ________ and output ________.

Suppose firms in a perfectly competitive industry are incurring an economic loss. As firms exit, the price ________ and the economic loss of the surviving firms ________.

f1q18g1.jpg Of the $3 per pizza tax illustrated in the above figure,

In monopolistic competition, a firm can set the price for its product because of

If the income elasticity of demand for spaghetti is -1.3, then spaghetti

f1q44g1.jpg Based on the above figure of the costs at Barney’s Bagel Bakery, at which level of daily output will diminishing marginal returns first occur?

During the last decade, the price of shoes rose substantially yet people bought more pairs of new shoes each year. This experience suggests that the

Marginal private benefit (dollars) Quantity (thousands of student-years) 24,000 0 20,000 20 16,000 40 12,000 60 8,000 80 4,000 100 0 120 The table above provides information about the marginal private benefit for education. The marginal cost of educating a student is $16,000 per year and is constant. There is an external benefit from education that is equal to $12,000 per student year and is constant. If the government subsidizes education, how much should the subsidy be in order to attain the efficient level of enrollment?

Increasing opportunity cost implies that