1 answer

In the figure above, if the government provides level Q_{2} of the public good:

Group of answer choices

a. it leads to a welfare gain because it creates jobs in the public sector.

b. it is the optimal level.

c. it is less than the optimal level Q_{3}.

d. it leads to a welfare loss because the MC is less than the sum of the marginal benefits.

Refer to the figure above. A yardstick pricing proposal will require:

Group of answer choices

a. no government subsidy.

b. a “lump sum” subsidy only if the hospital is losing money.

c. a “lump sum” subsidy of no more than one dollar per unit produced.

d. a lump sum subsidy equal to the average fixed cost multiplied by the quantity produced.

In the figure above, if triangle A equals triangle B, and bureaucrats provide a program at level Q_{1}, then they have:

Group of answer choices

a. chosen a level that is economically desirable because marginal benefits exceed marginal costs.

b. chosen a level at which marginal benefits equal marginal costs.

c. provided an inefficiently large amount of the output.

d. Answers (a) and (c) are correct.

The “welfare” loss due to monopoly can be calculated as:

Group of answer choices

a. P_{2} × (Q_{2}–Q_{1})

b. (P_{1}–P_{2}) × (Q_{2}–Q_{1})

c. (P_{1}–P_{2}) ×(Q_{2}–Q_{1})/2

d. (P_{1}–P_{2}) × Q_{1}

1 answer
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