The above figure shows the marginal social benefit, marginal private cost and marginal social cost of producing steel
If the market is competitive and unregulated, the equilibrium quantity of steel is ________ tons and the efficient quantity of steel is ________ tons. A) 2; 2
B) 2; 4
C) 4; 2
D) None of the above answers is correct.
C
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In the United States, over the past 50 years the total labor force participation rate
A) has increased. B) has decreased. C) has remained more or less constant. D) has fluctuated substantially. E) first decreased slightly and then increased significantly.
Which of the following statements is correct?
A) A change in demand or supply can only be caused by a change in price. B) A simultaneous decrease in demand and increase in supply will result in an increase in equilibrium price and uncertain effect on quantity. C) If price is currently above equilibrium, market adjustments will result in a decrease in price and quantity supplied. D) An increase in supply invariably leads to a shortage in the affected market.
The problem in many middle- and low-income economies around the world is very high __________, which generally arises from huge budget deficits that are financed by the government printing its domestic currency.
a. inflation b. unemployment c. taxes d. leverage
When we identify public policies toward externalities, we contrast command-and-control policies with what other type of policies?