QUESTION 33 Another name for social welfare is a total surplus. c. combined equi
ID: 1116924 • Letter: Q
Question
QUESTION 33 Another name for social welfare is a total surplus. c. combined equity e, net per-capita gain. O b. collective good d. common benefit QUESTION 34 A market has reached an efficient outcome when a, total surplus is maximized O b. consumers are able to purchase as much as they like o c. producers are able to produce and sel as much as they like O d total surplus is minimized e producer surplus is greater than consumer surplus. QUESTION 35 production curve where the marginal product of labor is diminishing also has A profit-maximizing firm in a competitive market that is producing on a a, a downward-sloping labor demand curve. O b an upward-sloping labor demand curve ca perfectly elastic labor supply curve. o d. a perfectly inelastic labor supply curve e a perfectly inelastic labor demand curve. QUESTION 36 A possible explanation that a nation might offer for the imposition of a protectionist policy such as a tarift is to o a slow domestic production o b encourage specialization in the good in which the nation has a comparative advantage o c increase the level of imports O d protect an infant industry from foreign competitors o e give consumers more foreign-made optionsExplanation / Answer
33.
The total surplus is known as the social welfare because both producer and consumer are there and both are benefitted.
Hence option a is the correct answer.
34.
When the market has reached an efficient outcome, then the total surplus is maximised because both producer and consumer are there and both are benefitted.
Hence option a is the correct answer.
35
When a profit-maximizing firm in a competitive market is producing on a production curve where marginal product of labor is decreasing, then has also downward sloping demand curve.
This is because of the law of diminishing returns. It means as more workers are hired, the marginal product of labor begins declining, and it leads to marginal revenue product of labor to fall also.
Hence option a is the correct answer.
36.
A nation uses protectionist trade policy for helping its infant industry because if the protectionist tariff is not imposed, then infant industry cannot develop in the country because the foreign company is more competent.
hence option d is the correct answer.
Protectionist tariff is imposed for protecting infant industry with the foreign competitors.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.