Assume That There Was a 5 Percent Increase in the Price

question 351

Multiple Choice

Assume that there was a 5 percent increase in the price of all goods in 2015; if the base year is 2014, then the price index in 2015 will be

• A) 95.
• B) 105.
• C) 110.
• D) 1100.

Determine the effects of monopoly on market efficiency and consumer choice.

Compare monopoly equilibriums to perfectly competitive equilibriums regarding price, output, and economic welfare.

Understand the classification and mechanisms of action of different antidepressants, including SSRIs, SNRIs, and tricyclics.

Recognize the biological treatments for depression, their methodologies, and outcomes, including ECT, deep brain stimulation, vagus nerve stimulation, and TMS.

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Definitions:

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the benefit to consumers from participating in the market.

Utility

Utility refers to the total satisfaction received from consuming a good or service.

Diminishing Utility

The principle that as consumption of a good or service increases, the marginal utility derived from each additional unit decreases.

Marginal Utility

The additional satisfaction or benefit obtained from consuming one more unit of a good or service.