A monopolist engages in perfect price discrimination. What will happen to the consumer surplus?

It significantly increases as it absorbs the producer surplus.

It disappears and becomes deadweight loss.

It decreases based on the elasticity of demand.

It is unchanged.

It is entirely converted to producer surplus.

Private investors complain that the "free rider problem" makes investment in public goods and services inefficient and less profitable. Which of the following statements explains why?

Public goods are rivalrous.

Public goods are excludable.

Public goods are non-rivalrous.

Public goods are non-affordable.

Public goods are non-excludable.

A market has a cost or benefit not internalized, unclear property rights, and high transaction costs. This describes

monopolistic competition

a natural monopoly

an externality

an oligopoly

a monopsony

A production possibility curve would ________ if the availability of an input decreased and would ________ if a lack of technology decreased production efficiency.

shift outward; shift inward

not move; shift outward

not move; not move

shift outward; shift outward

shift inward; shift inward

Every choice requires a sacrificed or foregone best alternative. Economists call this the

fixed cost

accounting cost

normative cost

positive cost

opportunity cost