Author Question: A product in the first stage of production is defined as a(n): a. basic need. b. investment. c. ... (Read 13 times)

pepyto · **on:** Jun 30, 2018

A product in the first stage of production is defined as a(n):
a. basic need.
b. investment.
c. environmental product.
d. primary product.
e. transitory product.

Question 2

A price ceiling imposed below equilibrium price causes a deadweight loss for society because:
a. buyers benefit at the expense of sellers.
b. as a result of the ceiling, units of output are not produced despite the fact that the value to consumers exceeds the production cost.
c. sellers benefit at the expense of buyers.
d. the poor gain at the expense of the rich.