Arthur Pigou put forward the idea that positive and negative externalities can be resolved by creating new private property institutions.
Answer the following statement true (T) or false (F)
False
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Prior to 2008, some Eurozone nations were______; others were ______, which resulted in ______.
A) large external debtors; large external creditors; a credit-fueled boom B) irresponsible; trying to pick up the slack; lackluster overall performance C) inflation hawks; inflation biased; overall mild inflation D) worried the ECB was not minding the situation; not worried at all; some nations exiting the Eurozone
Economies of scale are indicated by:
A. the rising segment of the average variable cost curve. B. the declining segment of the long-run average total cost curve. C. the difference between total revenue and total cost. D. a rising marginal cost curve.
The above figure shows the cost curves for a typical firm in a competitive market. Note that if p = 10, then MC = p at both q = 5 and q = 60. Can they both yield maximum profit? Explain
What will be an ideal response?
Which of the following is false?
a. A true or pure monopoly exists where there is only one seller of a product for which no close substitute is available. b. The situation in which one large firm can provide the output of the market at a lower cost than two or more smaller firms is called a natural monopoly. c. In monopoly, the market demand curve may be regarded as the demand curve for the firm because it is the market for that particular product. d. A monopoly firm is a price maker, and it will pick a price that is the highest point on its demand curve.