Suppose your neighbor has a beautiful garden. The benefit that she enjoys from her garden is called ________ and the benefit the rest of the neighborhood enjoys is called ________
A) marginal private benefit; marginal external benefit
B) private cost; external cost
C) marginal social benefit; marginal external benefit
D) marginal external benefit; marginal social benefit
A
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A reason tariffs and quotas are imposed is that
A) their costs are spread among many people and their benefits are concentrated. B) their costs are concentrated and their benefits are spread among many people. C) they create net benefits in the long run. D) they reduce import dependence.
Refer to Figure 13-3. Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP
A) A and B B) B and D C) A and C D) C and D
Using Figure 9.1, explain what a firm would do in the short run if the market price of its product were at P2 and it produced Q2 . Is the firm earning an economic profit? An operating profit? Explain
What will be an ideal response?
Checks received by the firm and deposited but not yet cleared represent
a. payment float b. availability float c. net float d. cash in hand e. none of these