A positive externality occurs when
a. Jack receives a benefit from John's consumption of a certain good.
b. Jack receives personal benefits from his own consumption of a certain good.
c. Jack's benefit exceeds John's benefit when they each consume the same good.
d. Jack's receives a loss from John's consumption of a certain good.
a
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Each of the HPAE promoted manufactured exports
Indicate whether the statement is true or false
Suppose there are 11 buyers and 11 sellers, each willing to buy or sell one unit of a good, with values {$14, $13, $12, $11, $10, $9, $8, $7, $6, $5, $4,}. Assume no transaction costs and a competitive market. Now suppose competition among several market makers forces the spread down to $4 . How many goods are traded?
a. Four b. Five c. Six d. Seven
In ________ monopolistically competitive equilibrium, there will be neither economic profits nor losses.
A. both short-run and long-run B. neither short-run nor long-run C. long-run D. short-run
One of the tenets of the classical view of the labor market is that the wage adjustments that are necessary to clear the labor market
A. occur very infrequently. B. occur slowly. C. don't occur. D. occur quickly.