A market supply curve reflects the
A) external costs of producing a good or service.
B) external benefits of producing a good or service.
C) marginal social costs of producing a good or service.
D) marginal private costs of producing a good or service.
Answer: D
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Consider the demand curves for soft drinks shown in the figure above. Suppose the economy is at point a. Which of the following could result in a movement to point c?
A) a decrease in income B) an increase in the relative price of a soft drink C) a decrease in the relative price of a soft drink D) a decrease in the price of bottled water
Is a firm economically inefficient if it can cut its costs by producing less? Why or why not?
What will be an ideal response?
If the demand curve is a straight line with a negative slope, then demand is more elastic at higher prices than lower prices
a. True b. False
The short-run Phillips curve is upward sloping
a. True b. False Indicate whether the statement is true or false