The relationship between the inputs employed by a firm and the maximum output it can produce with those inputs is called the firm's
A) total factor productivity.
B) marginal production level.
C) technological ratio.
D) production function.
D
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Consider leaf burning that generates negative externalities. The private cost is
a. less than the external cost b. greater than social benefit c. understated by the amount of the social cost d. less than the social cost e. shared with third parties
When the government imposes a binding price ceiling on a competitive market, a surplus of the good arises, and sellers must ration the scarce goods among the large number of potential buyers
a. True b. False Indicate whether the statement is true or false
If a government simplified its tax system the likeliest result would be a decrease in
a. consumer surplus. b. producer surplus. c. in deadweight loss. d. tax revenues.
Why do producers tend to be better represented in lobbying efforts and other elements of the political process than consumers?
What will be an ideal response?