The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel. There is a marginal external ________ of ________ per ton
A) benefit; $200
B) benefit; $100
C) cost; $200
D) cost; $100
D
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A move from an abnormally high rate of unemployment toward a more typical level of unemployment would: a. shift the production possibilities curve inward
b. shift the production possibilities curve outward. c. move society from a point inside the production possibilities curve toward the curve. d. move society from a point on the production possibilities curve to a point beyond the production possibilities curve.
Entitlements and net interest are the ________ the U.S. federal budget.
A. only two declining components of B. two fastest-growing components of C. two slowest-growing components of D. only two components with negative values in
A country that must reduce current consumption to increase future consumption possibilities
A) must be allocating resources inefficiently. B) must be producing along the production possibilities curve. C) must be producing outside the production possibilities curve. D) must not have private ownership of property.
A country will gain relatively more from trade when
A) trade is regulated. B) the world price is close to the country's opportunity cost of the good. C) the world price is below the country's opportunity cost of the good. D) the world price is much greater than the country's opportunity cost for the good.