______ are costs or benefits of a market activity experienced by someone outside of the immediate transaction.
A.) Externalities
B.) Private goods
C.) Public goods
D.) Accounting costs
A.) Externalities
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Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 5 hours per day
If he is following the marginal principle, what must his marginal cost per hour be? A) $16 B) $24 C) $32 D) $40
The demand curve for a monopolist is
A) the industry demand curve. B) the same as the demand curve for a perfectly competitive firm. C) a perfectly inelastic demand curve. D) a unitary elastic demand curve.
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
a. 11 percent b. 14.4 percent. c. 16.8 percent. d. 10.2 percent.
The marginal income tax rate is equal to
A) the total tax payment divided by total income. B) the change in the tax payment divided by the change in income. C) the average tax payment divided by the total tax payment. D) the percent of total income that goes to taxes.