Refer to Exhibit 2-4. As more fax machines are produced, the opportunity cost of producing them
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remains constant.
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A tax equal to the external marginal cost of an activity yields the efficient level of production because the tax
A) achieves the competitive equilibrium. B) forces producers to face all costs of production including the external cost. C) ensures greater profits for the firm. D) eliminates all pollution.
Explain how an increase in the price of leather brought about by shift in tastes may lead to an increase in the supply of beef
What will be an ideal response?
If C is consumption, I is investment, G is government purchases and NX is net exports, according to the expenditure approach, Y would stand for ________; and the national income identity could be written as ________
A) transfers; Y = C + I + G - NX B) CPI; Y = C + I + G + NX C) GDP; Y - C - I = G + NX D) income; Y = C - I - G + NX E) the real interest rate; Y = C + I + G + NX
Why does inefficiency exist in monopolistic competition?