A workplace externality benefits fellow workers.
Answer the following statement true (T) or false (F)
True
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Is "utility" another word for the cost we give up when we consume a good?
What will be an ideal response?
Profit maximization occurs where
A) each factor is used up to the point where its marginal revenue product is equal to its marginal factor cost. B) each factor is used up to the point where its marginal physical product is equal to its marginal factor cost. C) average variable cost equals marginal cost. D) average variable cost equals average total cost.
The similarity between markets for common resources and markets with externalities is that:
A. generally we get an oversupply at market. B. the price that competitive firms charge does not capture the true costs and benefits of consumption. C. the equilibrium quantity is too high in terms of society. D. government involvement is needed to reach an efficient outcome.
The perfectly competitive market structure includes all of the following except
A. Many firms. B. Identical products. C. Low entry barriers. D. Large advertising budgets.