Any cost that is imposed without compensation on someone other than the person who caused it is called:
A. private cost.
B. social cost.
C. external cost.
D. network cost.
C. external cost.
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In Figure 17.6, long-run economic growth implies a
A. Shift from AD1 to AD2. B. Move from point D to point C. C. Move from point A to point B. D. Shift from LRAS1 to LRAS2.
When a nation totally bans trade with another country, it is imposing a(n):
A. tariff. B. embargo. C. quota. D. trade tax.
A firm should shut down in the short run if it s AVC is less than the price it receives per unit of the good.
Answer the following statement true (T) or false (F)
The steeper the labor supply curve,
A) the higher the wage the monopsonist pays. B) the lower the wage the monopsonist pays. C) the smaller the difference between the wage and the marginal expenditure on labor. D) the better off workers are.