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ECON 300 Exam 3 Questions With Correct Answers.

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ECON 300 Exam 3 Questions With Correct Answers.

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ECON 300 Exam 3 Questions With
Correct Answers

The |United |States |and |many |other |countries |often |impose |trade |sanctions |on |other |countries. |
These |sanctions |- |CORRECT |ANSWER✔✔-decrease |producer |and |consumer |surplus |in |both |the
|sanctioned |and |sanctioning |countries




A |competitive |market |maximizes |social |welfare |because |in |a |competitive |market |- |CORRECT |
ANSWER✔✔-price |equals |marginal |cost |of |the |last |unit |produced



Sarah |and |David |both |have |linear |demand |curves |for |lemonade. |Sarah's |demand |curve |for |
lemonade |intersects |David's |demand |curve |at |a |price |of |50 |cents |per |glass. |Sarah's |demand |
curve |is |more |inelastic |than |David's. |A |change |in |the |price |of |lemonade |from |50 |cents |to |25 |
cents |per |glass |will |- |CORRECT |ANSWER✔✔-increase |david's |consumer |surplus |more |than |
sarah's



In |economics, |welfare |analysis |is |useful |to |- |CORRECT |ANSWER✔✔-determine |who |gains |and |
who |loses |in |a |particular |policy |option



Suppose |a |farmer |in |a |perfectly |competitive |agricultural |industry |rents |land |that |is |uniquely |
productive |in |the |production |of |a |certain |crop. |In |the |long |run, |- |CORRECT |ANSWER✔✔-the |
owner |of |the |land |receives |economic |rent |while |the |farmer |earns |zero |economic |profit



The |services |of |real |estate |brokers |are |provided |in |a |competitive |market. |If |the |state |Board |of |
relators |enacts |several |requirements |that |limit |the |number |of |real |estate |brokers, |then |social |
welfare |will |most |likely |- |CORRECT |ANSWER✔✔-decrease |although |producers |are |made |better
|off

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