Deadweight Loss Refers to a Loss in Revenue Resulting from Producers

question 43

True/False

Deadweight loss refers to a loss in revenue resulting from producers having to reduce their selling price to remain competitive.

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Definitions:

Roger Taney

An American jurist who served as the fifth Chief Justice of the United States, known for delivering the majority opinion in the Dred Scott v. Sandford case, which ruled that African Americans could not be American citizens.

Bank of the United States

Proposed by the first secretary of the treasury, Alexander Hamilton, the bank that opened in 1791 and operated until 1811 to issue a uniform currency, make business loans, and collect tax monies. The Second Bank of the United States was chartered in 1816 but President Andrew Jackson vetoed the recharter bill in 1832.

Economic Privilege

The advantages or opportunities afforded to individuals or groups resulting from their economic status or wealth.