If the government taxes a steel company by an amount equal to the damages of each marginal ton of steel, then the steel company's marginal cost curve is the same as the marginal
A. private cost curve.
B. social cost curve.
C. damage cost curve.
D. benefit cost curve.
Answer: B
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If a nation is currently operating at a point inside its production possibilities curve, it
A. is fully employing all of its resources. B. is operating beyond its possible capacity. C. is utilizing its resources efficiently. D. none of the choices are true.
A firm's demand curve for labor is equal to the
A) total revenue product. B) marginal revenue product. C) marginal factor cost. D) marginal wage.
A second-price auction
a. is also called a Vickrey auction b. is conducted by bidders submitting a single sealed bid c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above
A good may be inferior at some income levels and normal at others
Indicate whether the statement is true or false