A typical market supply curve
a. is identical to the firm's marginal cost curve
b. does not reflect any external cost borne by third parties
c. is identical to the firm's marginal revenue curve
d. reflects external benefits enjoyed by third parties
e. is perfectly inelastic
B
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In the above figure, what is the amount of consumer surplus at the efficient quantity?
A) $0 B) $1,000 C) $2,000 D) $4,000
There is some evidence that demographic changes in the composition of the workforce are ________ the growth rate of labor quality, and thus ________ the growth rate of output per labor hour
A) raising, decreasing B) raising, increasing C) lowering, decreasing D) lowering, increasing
free-rider is a person or firm that ________ from a good or service ________.
A) does not benefit; by paying for it B) benefits; by paying for it C) does not benefit; by paying double the price for it D) benefits; without paying for it
Without any regulation, the natural monopolist will
A) not produce any output. B) produce to the point at which P = ATC. C) produce less output than it would if the industry was purely competitive. D) have an upward-shifting average cost curve.