An example of a negative externality created in the market system would be
A) poverty.
B) unemployment.
C) a change in one consumer's tastes and preferences.
D) water pollution.
Answer: D
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The above figure shows two Lorenz curves. Suppose both Lorenz curves measure wealth. Then, the curves show that wealth is
A) greater along Lorenz curve A. B) greater along Lorenz curve B. C) distributed more equally along Lorenz curve A. D) distributed more equally along Lorenz curve B.
Granting all producers access to transmission lines opened up an effective market for electricity
Indicate whether the statement is true or false
The labor supply curve shows
a. how much output a firm will supply with a given amount of labor b. how much labor a firm will want to hire at each wage rate c. how much output people will want to buy if they supply a given amount of labor d. how much labor a firm will need with a given amount of machinery and equipment e. how many people will want jobs at each wage rate
Professional football players earn much higher wages than do accountants. Why?
What will be an ideal response?