A World View article titled "Secondhand Smoke Kills 600,000 People a Year: Study" implies the harm caused to nonsmokers is
A. Included in the market price of cigarettes.
B. An example of externality costs.
C. An example of a public good.
D. An example of government failure.
Answer: B
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In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit?
A) monopoly B) oligopoly C) only perfect competition D) only monopolistic competition E) both perfect competition and monopolistic competition
The U.S. fiduciary monetary system
A) is the one agency responsible for providing coins and paper currency. B) is one where money is not convertible to a fixed quantity of gold. C) puts capital controls in place. D) controls the private banking system.
The nominal interest rate increases by 5 percent. What is the effect on investment?
a. The real interest rate increases and investment increases b. The real interest rate decreases and investment decreases. c. The real interest rate increases and investment decreases. d. Cannot be determined from the given information
Explain the similarities and differences between the long-run equilibrium for a perfectly competitive firm and a monopolistically competitive firm. Illustrate your answer with a graph demonstrating the long-run equilibrium for the two types of firms
What will be an ideal response?