The deadweight loss associated with output less than the competitive level can be determined by a. subtracting the competitive level producer surplus from the producer surplus associated with less output. b. subtracting the consumer surplus from the producer surplus associated with less output. c. summing the change in the total consumer and producer surplus from moving from the competitive level of output to less output. d. summing the consumer and producer surplus associated with less output.

Sye chase started and operated a small family architectural firm in 2016. the firm was affected by two events: (1) chase provided $25,000 of services on account, and (2) he purchased $2,800 of supplies on account. there were $250 of supplies on hand as of december 31, 2016. record the two transactions in the accounts. record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. post the entries in the t-accounts and prepare a post-closing trial balance.

Acoase solution to a problem of externality ensures that a socially efficient outcome is to

A.j. was a newly hired attorney for idle time gaming, inc. even though he reported directly to the president of the company, a.j. noticed that the president always had time to converse with the director of sales, calling on him to get a pulse on legal/regulatory issues that, as the company attorney, a.j. could have probably handled. a.j. also noted that the hr manager’s administrative assistant was the go-to person for a number of things that would make life easier at work. a.j. was recognizing the culture at idle time gaming.