External costs and external benefits are collectively referred to as:
A. externalities.
B. network externalities.
C. social externalities.
D. social welfare.
A. externalities.
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The increase in output that results when one more unit of a variable input is hired is called
A) total physical product. B) marginal physical product. C) average physical product. D) marginal revenue.
Suppose a monopolist's demand curve lies below its average variable cost curve. The firm will:
a. stay in operation in the short-run. b. earn an economic profit. c. earn an economic profit in the long run. d. shut down.
Jaime’s income elasticity for science fiction novels is 1.2 and for mystery novel -1. For Jaime, science fiction novels are ____________and mystery novels are ____________:
a. normal; normal b. normal; inferior c. inferior; normal d. inferior; inferior
When glucose is high, cAMP is _____ : CAP _____ bind the lac operator, and RNA polymerase _____ bind the lac promoter.