An externality is
A) a cost paid for by the producer of a good or service.
B) a benefit realized by the purchaser of a good or service.
C) anything that is external or not relevant to the production of a good or service.
D) a benefit or cost experienced by someone who is not a producer or consumer of a good or service.
D
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Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers
What will be an ideal response?
As new firms enter an existing industry, it can be expected that the
a. market price will increase b. output of existing firms will increase c. profit of existing firms will increase d. market demand should decrease e. profit of existing firms will decrease
The productivity of workers can depend upon which of the following?
A. Number of businesses established B. population growth C. Physical capital D. All of these are determinants of productivity.
Refer to the information provided in Figure 13.4 below to answer the question(s) that follow. 
Figure 13.4Refer to Figure 13.4. The profit-maximizing level of output for this monopolist is ________ units of output.
A. 20 B. 22 C. 24 D. 26