All of the following costs will vary depending on the geographic location of a firm's plant except which one?
A) land prices
B) U.S. corporate taxes
C) wages
D) local taxes
B) U.S. corporate taxes
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Refer to Figure 5-6. Why is there a deadweight loss?
A) because the marginal private cost for each additional unit between Q1 and Q2 exceeds the marginal private benefit B) because the marginal private benefit for each additional unit between Q1 and Q2 exceeds the marginal cost C) because the marginal social cost for each additional unit between Q1 and Q2 exceeds the marginal social benefit D) because the marginal social benefit for each additional unit between Q1 and Q2 exceeds the marginal cost
The main reason why the economy's aggregate supply curve slopes upward is that
a. as the price level rises, businesses incur additional costs. b. businesses typically purchase labor and other inputs under long-term contracts that fix the cost of the input in money terms. c. as the price level rises, workers have higher real wages to spend for additional consumer goods. d. All of the above are correct.
Government intervention is always preferable to doing nothing when reducing the social inefficiencies of monopoly
a. True b. False Indicate whether the statement is true or false
In the market for domestic avocados, what would happen to the market clearing price and the equilibrium quantity if there was a drought in avocado growing areas?
A) The market clearing price would rise, and the equilibrium quantity would rise. B) The market clearing price would fall, and the equilibrium quantity would rise. C) The market clearing price would rise, and the equilibrium quantity would fall. D) The market clearing price would fall, and the equilibrium quantity would fall.