The primary eligibility requirement for Social Security is
A. Total dollar amount of assets.
B. Age.
C. Poverty level.
D. Income level.
Answer: B
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What does it mean for a producer to internalize an externality?
A) The producer is limiting outsourced production. B) The producer is prohibited from producing products which generate externalities. C) The producer must find ways to address externality problems which extend beyond geographic borders. D) The producer is forced to factor into production costs the cost of the externalities created in their production of output.
In an unregulated competitive market, the presence of marginal external benefit from a good or service results in overproduction
Indicate whether the statement is true or false
Figure 9-12 shows three possible long-run supply curves for an industry that is currently in equilibrium with price (P*) and quantity (Q*). Which of the following statements is correct?
a.
The long-run supply curve would be F for a decreasing-cost industry, H for an increasing-cost industry, and G for a constant-cost industry.
b.
All three long-run supply curves indicate that the firms' LRATC curves shift as industry output expands.
c.
If the industry uses a significant portion of a scarce input, the long-run supply curve would likely be curve H.
d.
An industry that moves along long-run supply curve F earns above-normal profits in the long run.
e.
If an increase in market output leads to lower prices for a key input, the long-run supply curve would likely be curve H.
Consumer?consumer rivalry arises because of:
A. the scarcity of goods available. B. human nature. C. the limited number of suppliers. D. None of the statements associated with this question are correct.