Marginal social cost is defined as marginal private cost
a. plus opportunity cost.
b. plus marginal opportunity cost.
c. minus incidental cost.
d. plus incidental cost.
d
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In the fooling model's AD/SAS/LAS diagram, short-run equilibria to the right of the LAS curve require the price level to be
A) above what workers expect. B) above what firms expect. C) below what workers expect. D) below what firms expect.
Risk pooling:
A. reduces the chances of catastrophes happening. B. lowers the costs of catastrophes when they occur. C. allows individuals the peace of mind that they will never have to pay the full expense of a catastrophe if it hits them. D. All of these statements are true.
A good that is rival in consumption and not excludable is called a
a. public good. b. common resource. c. club good. d. private good.
The marginal cost curve always intersects the average total cost curve at the point at which the average total cost curve
A. is zero. B. is at its maximum. C. has a vertical slope. D. is at its minimum.