A basic understanding of economics is needed to be an informed citizen.
Answer the following statement true (T) or false (F)
True
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If the marginal external cost of building a children's playground equals zero, then the
A) marginal private cost equals the marginal social cost. B) marginal social cost equals zero. C) marginal private cost equals zero. D) None of the above answers is correct.
A normal good is defined by economists to be a good:
a. with a negatively-sloped demand curve. b. that is purchased by at least 75 percent of the population. c. that is bought by consumers with normal tastes. d. whose demand increases when incomes increase. e. whose demand decreases when incomes increase.
Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories
a. True b. False Indicate whether the statement is true or false
In perfect competition, price is equal to marginal revenue.
Answer the following statement true (T) or false (F)