If a good is produced by firms that incur all private and external costs, the price consumers pay
A) will be efficient since it includes all social costs.
B) will be too low.
C) will be too high because the consumers end up paying all of the costs instead of the firm.
D) will be the correct price, but inefficient.
A
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A competitive employer should hire additional labor as long as
A. the MRP exceeds the wage rate. B. average product exceeds MP. C. the wage rate is less than MP. D. MC exceeds MR.
It is estimated that occupational segregation accounts for less than one-quarter of the wage gap between men and women
Indicate whether the statement is true or false
The larger the implicit costs of a business:
A. the greater accounting profit will be. B. the smaller economic profit will be. C. the more likely it will be a successful venture. D. the smaller the explicit costs will be.
Within different price ranges along a linear demand curve, elasticities are:
a. constant. b. different. c. equal. d. the same as slope. e. negative 1.