For-profit producers will produce only private goods because
A) buyers will be willing to pay for the goods since the benefits are excludable.
B) all external benefits can be internalized using market prices.
C) the cost of production can be easily determined.
D) markets exist for private goods but not for public goods.
A
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The lesson of __________ is to forget about the money that's irretrievably gone and instead to focus on the marginal costs and benefits of future options.
A. marginal utility B. sunk costs C. marginal analysis D. budget constraints
A firm's marginal revenue is defined as:
a. the ratio of total revenue to total quantity produced. b. the additional output produced by lowering price. c. the additional revenue received due to technical innovation. d. the additional revenue received when selling one more unit of output.
Economic growth can:
A. create less jobs compare to a stagnated economy. B. increase poverty overall. C. improve standards of living. D. reduce the price level in the economy.
When the government steps in to help determine prices, it is called
a. price ceilings. b. price floors. c. equilibrium prices. d. price control.