What Do Economists Call the Loss Society Experiences When There

question 205

Multiple Choice

What do economists call the loss society experiences when there is market failure and the production of a good is less than the efficient amount?

• A) tax
• B) subsidy
• C) price floor
• D) deadweight loss
• E) quantity restriction

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Definitions:

pH Test Strip

A piece of paper or plastic that changes color when dipped into a solution, allowing for the measurement of the solution's acidity or alkalinity.

Sodium Bicarbonate

A chemical compound, NaHCO3, commonly known as baking soda, that is used in baking as a leavening agent and can neutralize acids.

Neutralizing

The process of making something ineffective or harmless by applying an opposite force or effect.

Antacids

Medications that neutralize stomach acid to relieve heartburn, indigestion, and stomach discomfort.