In the absence of property rights, factories will dump waste into a waterway up to the point where ________ equals ________
A) marginal social cost; marginal social benefit
B) marginal social cost; marginal private cost
C) marginal private cost; marginal private benefit
D) marginal private cost; marginal social cost
C
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Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
A tax that is imposed as a specific amount per unit of a good is a(n)
A) excise or specific tax. B) sales or ad valorem tax. C) compound duty. D) income tax.
Two identical firms that share a market and produce a homogeneous good will find which of the following market outcomes LEAST desirable?
A) Bertrand Oligopoly B) Cournot Oligopoly C) Cartel D) All are equally preferable.
Of the curves displayed in the graph shown, graph B is most like to be the:
A. ATC curve. B. AFC curve C. AVC curve D. MC curve